(Reuters) - They face a 1600 GMT deadline -- noon in Washington and 1 a.m. on Monday in Seoul -- to reach what would be the largest U.S. trade pact in 15 years.
"This is the day when both sides put their bottom line on the table ... we're down to the wire," U.S. Trade Representative spokesman Stephen Norton said in Seoul where the final round of talks have been taking place for the past week.
Read more at Reuters.com Business News
Saturday, March 31, 2007
CORRECTED:LG.Philips aims to make 11 mln modules by '11
(Reuters) - The plant, located in Kobierzyce near Wroclaw in southwestern Poland, will mainly assemble liquid crystal display panels over 32 inches in order to supply makers of flat screen TVs.
The total investment for the plant is estimated at 429 million euros through the year 2011.
Read more at Reuters.com Business News
The total investment for the plant is estimated at 429 million euros through the year 2011.
Read more at Reuters.com Business News
Dry pet food implicated in North American recall
(Reuters) - The FDA concluded earlier on Friday that melamine, a chemical used in fertilizers in Asia and forbidden in pet food, had been found in some wheat gluten used by a Canadian company at the center of the recall two weeks ago.
Ontario-based Menu Foods makes pet food sold under several popular labels. The FDA and Menu said the suspect wheat gluten came from a Chinese supplier, which was not identified.
Read more at Reuters.com Government Filings News
Ontario-based Menu Foods makes pet food sold under several popular labels. The FDA and Menu said the suspect wheat gluten came from a Chinese supplier, which was not identified.
Read more at Reuters.com Government Filings News
Central African Republic plans bond to build peace
(Reuters) - Central African Republic plans to issue a bond on a new regional bourse later this year to help raise funds to boost its ailing economy and curb insecurity, the country's prime minister told Reuters in an interview.
The former French colony, which languishes at the bottom of most development rankings, is notoriously unstable and while the government has pinned its hopes for growth on gold, diamonds and other minerals, there is little industrial extraction.
Read more at Reuters Africa
The former French colony, which languishes at the bottom of most development rankings, is notoriously unstable and while the government has pinned its hopes for growth on gold, diamonds and other minerals, there is little industrial extraction.
Read more at Reuters Africa
Chrysler could be worth $6 to $9 billion-newspaper
(Reuters) - The newspaper reported private equity firm Cerberus Capital Management [CBS.UL] had lodged a bid for Chrysler on Friday. The Detroit News has reported Blackstone Group and the Canadian auto supplier Magna International Inc are also expected to bid.
Chrysler, the No. 4 U.S. automaker and home to the Jeep, Chrysler and Dodge brands, was put into play in mid-February, when DaimlerChrysler Chief Executive Dieter Zetsche announced the company was keeping all options open for the unit.
Read more at Reuters.com Mergers News
Chrysler, the No. 4 U.S. automaker and home to the Jeep, Chrysler and Dodge brands, was put into play in mid-February, when DaimlerChrysler Chief Executive Dieter Zetsche announced the company was keeping all options open for the unit.
Read more at Reuters.com Mergers News
Strong growth boosts S.Africa tax revenue
(Reuters) - South Africa exceeded its revenue target by 3 billion rand in the 2006/2007 financial year thanks to strong economic growth and efficient collection, government said on Saturday.
The South African Revenue Service (SARS) collected 493 billion rand in tax, above its target of 489.7 billion rand.
Read more at Reuters Africa
The South African Revenue Service (SARS) collected 493 billion rand in tax, above its target of 489.7 billion rand.
Read more at Reuters Africa
China's Chongqing bank to sell stake to HK lender
(Reuters) - "Yes, we won approval this week to sell a stake to Dah Sing Bank, but the deal with Carlyle has yet to go through," Zhang Fu, chairman of the small western Chinese lender, told Reuters on the sidelines of a financial forum.
He said the bank would sell a stake to Dah Sing for about 2 yuan per share and confirmed that it was applying for a Hong Kong listing.
Read more at Reuters.com New Issues News
He said the bank would sell a stake to Dah Sing for about 2 yuan per share and confirmed that it was applying for a Hong Kong listing.
Read more at Reuters.com New Issues News
De Benedetti's M&C consortium scraps Alitalia bid
(Reuters) - M&C and partners private equity firm Cerberus Capital Management [CBS.UL] and ELQ Investors of U.S. investment bank Goldman Sachs had been on the shortlist of potential bidders for the government's stake in Alitalia.
It gave no reason for its withdrawal, but on March 22 De Benedetti had said M&C was pulling out of the due diligence process due to objections from Goldman Sachs and Cerberus to a one-year trading ban on Alitalia shares imposed by the Treasury.
Read more at Reuters.com Mergers News
It gave no reason for its withdrawal, but on March 22 De Benedetti had said M&C was pulling out of the due diligence process due to objections from Goldman Sachs and Cerberus to a one-year trading ban on Alitalia shares imposed by the Treasury.
Read more at Reuters.com Mergers News
Vodafone shares spooked by UK margin drop
(Reuters) - British mobile phone operator Vodafone Group Plc unveiled a profit margin drop in its crowded home market on Friday as it slashed tariffs to win customers and warned of challenges across Europe.
Shares in the group posted their greatest daily fall in over a year -- closing 4.3 percent down -- as the mobile giant concluded a day-long investor presentation aimed at showcasing its core German and UK operations.
Read more at Reuters Africa
Shares in the group posted their greatest daily fall in over a year -- closing 4.3 percent down -- as the mobile giant concluded a day-long investor presentation aimed at showcasing its core German and UK operations.
Read more at Reuters Africa
WTO confirms US loss in Internet gambling case
(Reuters) - The World Trade Organization (WTO) on Friday confirmed its ruling the United States had done nothing to abide by an earlier verdict that labeled some U.S. Internet gambling restrictions as illegal.
In a published version of findings in a complaint brought by Antigua and Barbuda, initially sent to the parties in January, the Geneva-based trade referee said the Caribbean island had provided additional evidence that strengthened its case.
Read more at Reuters Africa
In a published version of findings in a complaint brought by Antigua and Barbuda, initially sent to the parties in January, the Geneva-based trade referee said the Caribbean island had provided additional evidence that strengthened its case.
Read more at Reuters Africa
Dollar dips on news of US duties on Chinese paper
(Reuters) - The dollar declined on Friday after the U.S. government said it will impose duties on imports of coated paper from China, raising fears of protectionism between the two economic superpowers.
While traders and investors debated whether the news was the opening salvo in a trade war, its impact on foreign exchange markets was immediate.
Read more at Reuters Africa
While traders and investors debated whether the news was the opening salvo in a trade war, its impact on foreign exchange markets was immediate.
Read more at Reuters Africa
China demands US scrap anti-subsidy duties
(Reuters) - Beijing demanded on Saturday that the United States reverse its decision to slap anti-subsidy duties on imports of glossy paper from China.
"The Chinese side strongly demands the United States to reconsider this decision and correct it as soon as possible," Wang Xinpei, spokesman for the Commerce Ministry, said in a statement on the ministry Web site (www.mofcom.gov.cn).
Read more at Reuters Africa
"The Chinese side strongly demands the United States to reconsider this decision and correct it as soon as possible," Wang Xinpei, spokesman for the Commerce Ministry, said in a statement on the ministry Web site (www.mofcom.gov.cn).
Read more at Reuters Africa
China should not bow to pressure on yuan - adviser
(Reuters) - China's big balance of payments surplus poses acute challenges, but Beijing should free up the yuan at its own pace and take its time in liberalising the capital account, a senior political figure said on Saturday.
"We should keep the initiative in our own hands and not bow to external pressure. But we do also need to further reform the exchange rate regime," said Cheng Siwei, vice chairman of the Chinese People's Political and Consultative Conference, parliament's top advisory body.
Read more at Reuters Africa
"We should keep the initiative in our own hands and not bow to external pressure. But we do also need to further reform the exchange rate regime," said Cheng Siwei, vice chairman of the Chinese People's Political and Consultative Conference, parliament's top advisory body.
Read more at Reuters Africa
China demands U.S. scrap anti-subsidy duties
(Reuters) - U.S. Commerce Secretary Carlos Gutierrez announced on Friday a preliminary countervailing duty of 10.90 percent against Shandong Chenming Paper Holdings and 20.35 percent against Gold East Paper Co. in a case brought last year by NewPage Corp., a Dayton, Ohio, manufacturer.
A preliminary rate of 18.16 percent will apply to all other Chinese glossy paper exports. Commerce will make its final duty determination later this year. Until then, importers will be required to post bonds or deposit cash with the U.S. Customs Service, based on the preliminary duty levels.
Read more at Reuters.com Business News
A preliminary rate of 18.16 percent will apply to all other Chinese glossy paper exports. Commerce will make its final duty determination later this year. Until then, importers will be required to post bonds or deposit cash with the U.S. Customs Service, based on the preliminary duty levels.
Read more at Reuters.com Business News
Friday, March 30, 2007
TREASURIES-Bonds steady after rollercoaster session
(Reuters) - The latest snapshot of the economy was unequivocally negative for bonds, with everything from consumer spending and inflation to manufacturing and construction showing unexpected signs of strength.
"Suddenly we've gone from this bias of pessimism to one where we don't see any justification for the Fed to ease," said Jeoff Hall, chief North American economist Thomson IFR. "It's like we fell asleep and woke up in a different universe."
Read more at Reuters.com Bonds News
"Suddenly we've gone from this bias of pessimism to one where we don't see any justification for the Fed to ease," said Jeoff Hall, chief North American economist Thomson IFR. "It's like we fell asleep and woke up in a different universe."
Read more at Reuters.com Bonds News
Bain, Blackstone among Ceridian bidders - sources
(Reuters) - But a major Ceridian shareholder, hedge fund manager William Ackman, is pushing for a spin-off of the company's fast growing Comdata division.
Two corporations are also bidding for the company, the sources said, but it was unclear which companies were involved. Whether Bain and Blackstone are bidding as a team or separately was also unclear. Ceridian has a market value of $4.6 billion.
Read more at Reuters.com Mergers News
Two corporations are also bidding for the company, the sources said, but it was unclear which companies were involved. Whether Bain and Blackstone are bidding as a team or separately was also unclear. Ceridian has a market value of $4.6 billion.
Read more at Reuters.com Mergers News
US STOCKS-Shares fall after news of U.S. duties on China
(Reuters) - The dollar also fell after the news, while crude oil prices rose further, putting stock investors on edge.
The Dow Jones industrial average was down 71.79 points, or 0.58 percent, at 12,276.96. The Standard & Poor's 500 Index was down 9.80 points, or 0.69 percent, at 1,412.73. The Nasdaq Composite Index was down 9.62 points, or 0.40 percent, at 2,408.26.
Read more at Reuters.com Bonds News
The Dow Jones industrial average was down 71.79 points, or 0.58 percent, at 12,276.96. The Standard & Poor's 500 Index was down 9.80 points, or 0.69 percent, at 1,412.73. The Nasdaq Composite Index was down 9.62 points, or 0.40 percent, at 2,408.26.
Read more at Reuters.com Bonds News
Philip Morris makes full $3.5 bln states payment
(Reuters) - Tobacco manufacturers can reduce their payments if they lose market share to companies that do not participate in the agreement and if an independent consultant determines that the agreement contributed to the loss, among other factors.
Philip Morris paid the full amount, even though it disputes that it owes about $400 million of the total as a result of the 2004 Non-Participating Manufacturer adjustment.
Read more at Reuters.com Government Filings News
Philip Morris paid the full amount, even though it disputes that it owes about $400 million of the total as a result of the 2004 Non-Participating Manufacturer adjustment.
Read more at Reuters.com Government Filings News
S.Africa bourse hits peak, platinum shares, MTN rally
(Reuters) - South African stocks moved to another record high on Friday, lifted by platinum, banking and telecoms shares.
The Johannesburg Top-40 index of blue-chip stocks ticked 0.40 percent higher to 24,590.20 points, while the All-share index gained 0.43 percent to 27,267.24 points.
Read more at Reuters Africa
The Johannesburg Top-40 index of blue-chip stocks ticked 0.40 percent higher to 24,590.20 points, while the All-share index gained 0.43 percent to 27,267.24 points.
Read more at Reuters Africa
UPDATE 1-Northwest awards management with 4.9 pct stake
(Reuters) - The awards, in the form of restricted stock and stock options, are valued at about $382 million, based on the company's estimate of a $7.8 billion valuation. That works out to an average of $955,000 per employee.
"Like all Northwest employees, our management team made financial sacrifices that enabled the company to execute its successful turnaround," Roy Bostock, chairman of Northwest's compensation committee, said in a statement.
Read more at Reuters.com Bonds News
"Like all Northwest employees, our management team made financial sacrifices that enabled the company to execute its successful turnaround," Roy Bostock, chairman of Northwest's compensation committee, said in a statement.
Read more at Reuters.com Bonds News
UPDATE 1-US, in policy shift, sets new duties on China goods
(Reuters) - "China's economy has developed to the point that we can add another trade remedy tool, such as the countervailing duty law. The China of today is not the China of years ago," U.S. Commerce Secretary Carlos Gutierrez told reporters.
Gutierrez announced a preliminary countervailing duty level of 10.90 to 20.35 percent on the coated paper from China.
Read more at Reuters.com Bonds News
Gutierrez announced a preliminary countervailing duty level of 10.90 to 20.35 percent on the coated paper from China.
Read more at Reuters.com Bonds News
Rand gains slightly versus dollar
(Reuters) - South Africa's rand was a touch firmer against the dollar on Friday, tracking emerging market trends and also cheered in part by a lower February trade deficit, although pressure lurked from higher fuel import costs.
At 1503 the rand was at 7.2530 against the dollar, up just 0.10 percent from its Thursday New York close of 7.26. The local unit treaded a 7.23/30 during Friday's session.
Read more at Reuters Africa
At 1503 the rand was at 7.2530 against the dollar, up just 0.10 percent from its Thursday New York close of 7.26. The local unit treaded a 7.23/30 during Friday's session.
Read more at Reuters Africa
TREASURIES-Bonds fall as data pushes back rate cut expectations
(Reuters) - Benchmark 10-year Treasury yields, which move inversely to prices, struggled through the morning to break through a key technical level at 4.65 percent, but eventually climbed to their highest in more than a month.
The move followed the release of a report showing business activity in the U.S. Midwest expanded in March at a very strong pace. The National Association of Purchasing Management-Chicago's business barometer confounded expectations for a third month of contraction. For details, see [ID:nN30289877].
Read more at Reuters.com Bonds News
The move followed the release of a report showing business activity in the U.S. Midwest expanded in March at a very strong pace. The National Association of Purchasing Management-Chicago's business barometer confounded expectations for a third month of contraction. For details, see [ID:nN30289877].
Read more at Reuters.com Bonds News
UTC to buy Rentokil security unit for $1.2 bln
(Reuters) - United Technologies Corp. , which makes products ranging from Pratt & Whitney jet engines to Otis elevators, said the deal would boost UTC Fire & Security protection services.
"This acquisition builds UTC's scale and capability in the electronic security business which we regard as attractive in national markets where we have significant presence," UTC Chairman and Chief Executive Officer George David said.
Read more at Reuters.com Business News
"This acquisition builds UTC's scale and capability in the electronic security business which we regard as attractive in national markets where we have significant presence," UTC Chairman and Chief Executive Officer George David said.
Read more at Reuters.com Business News
US Midwest business in surprise March expansion
(Reuters) - The employment component of the index fell to 45.0 from 50.6 in February. Prices paid fell to 59.1 from 63.2 and new orders surged to 72.2 from 48.7.
Read more at Reuters.com Economic News
Read more at Reuters.com Economic News
UPDATE 1-JA Solar sees Q1 rev above analysts' view, shares rise
(Reuters) - The American Depository shares of the company rose more than 10 percent to $19.31 in early morning on the Nasdaq.
JA Solar, which makes solar cells, said it sees first-quarter revenue of about $39 million to $41 million. Four analysts on average expect the company to post revenue of $38.2 million, according to Reuters Estimates.
Read more at Reuters.com Market News
JA Solar, which makes solar cells, said it sees first-quarter revenue of about $39 million to $41 million. Four analysts on average expect the company to post revenue of $38.2 million, according to Reuters Estimates.
Read more at Reuters.com Market News
UPDATE 3-UTC to buy Rentokil security unit for $1.2 bln
(Reuters) - LONDON, March 30 - U.S. conglomerate United Technologies Corp. is to buy the electronic security division of British services group Rentokil Initial for 595 million pounds , the two firms said.
UTC, based in Hartford, Connecticut, also said on Friday it planned to sell its low-technology manned guarding business in Australia and the UK in a move to reposition itself towards the high-tech and higher margin areas of guarding.
Read more at Reuters.com Bonds News
UTC, based in Hartford, Connecticut, also said on Friday it planned to sell its low-technology manned guarding business in Australia and the UK in a move to reposition itself towards the high-tech and higher margin areas of guarding.
Read more at Reuters.com Bonds News
Ethanol fuels largest corn sowing since 1944
(Reuters) - Growers surveyed told the Agriculture Department they will cut back on soybeans in the Midwest and on cotton and rice in the South to sow more corn.
Soybean plantings are projected at 67.140 million acres, the smallest area since 1996, while upland cotton would be the smallest since 1989 at 11.855 million acres. Rice, at 2.64 million acres, would have the smallest seeded area since 1987.
Read more at Reuters.com Business News
Soybean plantings are projected at 67.140 million acres, the smallest area since 1996, while upland cotton would be the smallest since 1989 at 11.855 million acres. Rice, at 2.64 million acres, would have the smallest seeded area since 1987.
Read more at Reuters.com Business News
Mittal S.Africa unit to raise steel prices in May
(Reuters) - Mittal Steel SA, the South African unit of Arcelor Mittal, the world's top steel-maker, will raise the prices of certain long and flat steel products from May 1, it said on Friday.
Blaming stronger international steel prices, Mittal SA said in a statement it would from the start of May raise the price of hot and cold rolled coil by 7 percent and 2 percent, respectively, and plate by 10 percent.
Read more at Reuters Africa
Blaming stronger international steel prices, Mittal SA said in a statement it would from the start of May raise the price of hot and cold rolled coil by 7 percent and 2 percent, respectively, and plate by 10 percent.
Read more at Reuters Africa
Imperial to press for 48-euro Altadis deal-sources
(Reuters) - LONDON, March 30 - Britain's Imperial Tobacco is to press Franco-Spanish rival Altadis to accept a raised bid of 48 euros a share as it is determined not to overpay, sources close to the situation said on Friday.
Altadis's big shareholders are telling the Madrid-based group it should accept between 48 and 50 euros after Imperial's 45 euro bid earlier this month, but Imperial is focusing around the lower end of this range, they added.
Read more at Reuters.com Mergers News
Altadis's big shareholders are telling the Madrid-based group it should accept between 48 and 50 euros after Imperial's 45 euro bid earlier this month, but Imperial is focusing around the lower end of this range, they added.
Read more at Reuters.com Mergers News
Ford March sales to be down by double digits
(Reuters) - Pipas also said fleet sales, including sales to daily rental companies, would be down this month.
Automakers are scheduled to report March U.S. sales on Tuesday.
Read more at Reuters.com Business News
Automakers are scheduled to report March U.S. sales on Tuesday.
Read more at Reuters.com Business News
US STOCKS-Futures rise after income, spending data
(Reuters) - However, the core personal consumption expenditure index, an inflation measure, rose slightly more than expected.
S&P 500 futures were up 3.5 points, slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Read more at Reuters.com Bonds News
S&P 500 futures were up 3.5 points, slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Read more at Reuters.com Bonds News
S.Africa Feb trade deficit falls to 2.7 bln rand
(Reuters) - South Africa recorded a smaller than expected trade deficit of 2.7 billion rand in February, down from 11.94 billion in January, the South African Revenue Service (SARS) said on Friday.
The figure was below the forecast deficit of 4.4 billion rand in a Reuters poll of economists, but the numbers are notoriously unpredictable.
Read more at Reuters Africa
The figure was below the forecast deficit of 4.4 billion rand in a Reuters poll of economists, but the numbers are notoriously unpredictable.
Read more at Reuters Africa
TREASURIES-Bonds little changed ahead of inflation data
(Reuters) - The focus on inflation has in part spurred investors to scale back expectations for an early cut in the Fed's benchmark interest rate target.
Bond yields have risen and prices fallen during March, with the yield on the benchmark 10-year note on track for its largest monthly increase so far this year.
Read more at Reuters.com Bonds News
Bond yields have risen and prices fallen during March, with the yield on the benchmark 10-year note on track for its largest monthly increase so far this year.
Read more at Reuters.com Bonds News
Vodafone Egypt buys Raya's stake in Raya Telecom
(Reuters) - The statement quoted Chairman Medhat Khalil as saying, "In the past years we've made massive investments in the telecommunications sector, but the profits were not as we expected."
Money from the sale would partly go towards expanding the company's call centre services, according to the statement.
Read more at Reuters.com Mergers News
Money from the sale would partly go towards expanding the company's call centre services, according to the statement.
Read more at Reuters.com Mergers News
UPDATE 2-First Data to buy Polcard processor for $325 mln
(Reuters) - NEW YORK, March 30 - First Data Corp. , one of the world's largest payment processors, on Friday said it agreed to buy Polcard SA, an independent merchant acquirer and card issuer processor in Poland, for $325 million in cash to expand in central and eastern Europe.
Founded in 1990, Polcard operates the largest network of electronic card acceptance services in Poland, including more than 58,000 terminals and 1,700 automated teller machines.
Read more at Reuters.com Mergers News
Founded in 1990, Polcard operates the largest network of electronic card acceptance services in Poland, including more than 58,000 terminals and 1,700 automated teller machines.
Read more at Reuters.com Mergers News
TPG swoops on Iberia with $4.5 bln approach
(Reuters) - The cash approach, at an indicated price of 3.6 euros per share, is below the price range mooted in media reports and by analysts in recent days of up to 4.4 euros per share.
Iberia shares have risen 25 percent in the last 10 days on bid speculation and closed at 4.0 euros on Thursday.
Read more at Reuters.com Business News
Iberia shares have risen 25 percent in the last 10 days on bid speculation and closed at 4.0 euros on Thursday.
Read more at Reuters.com Business News
S.Africa petrol prices to rise from April 4-govt
(Reuters) - South Africa's retail petrol prices will rise by at least 68 cents a litre from April 4 due to higher international oil prices and a weaker rand currency, the government said on Friday.
A statement from the minerals and energy department said the retail price of the most used 95 unleaded petrol grade in Gauteng province, which includes the financial hub of Johannesburg, would go up 68 cents to 6.67 rand a litre.
Read more at Reuters Africa
A statement from the minerals and energy department said the retail price of the most used 95 unleaded petrol grade in Gauteng province, which includes the financial hub of Johannesburg, would go up 68 cents to 6.67 rand a litre.
Read more at Reuters Africa
S.African 3-month T-Bill up slightly at 8.26 pct
(Reuters) - The average discount rate for South African three-month Treasury Bills inched up to 8.26 percent on Friday from 8.25 percent last week.
The average yield was 8.43 percent from 8.42 percent, the Reserve Bank said.
Read more at Reuters Africa
The average yield was 8.43 percent from 8.42 percent, the Reserve Bank said.
Read more at Reuters Africa
IMF's Rato sees risk of mkt correction from imbalances
(Reuters) - Rato also said there was a risk that rising protectionism could cut world productivity growth.
Read more at Reuters.com Economic News
Read more at Reuters.com Economic News
Sasol says will not sell chemicals unit
(Reuters) - South African petrochemical group Sasol does not intend to sell its chemicals unit at this stage after receiving offers that were below par and will restructure it instead, it said on Friday.
At 0920 GMT, Sasol's shares slid 3.23 percent to 240.50 rand, underperforming a 0.19 percent decline in the blue chip Top-40 index after announcing it would retain its Olefins & Surfactants (O&S) business.
Read more at Reuters Africa
At 0920 GMT, Sasol's shares slid 3.23 percent to 240.50 rand, underperforming a 0.19 percent decline in the blue chip Top-40 index after announcing it would retain its Olefins & Surfactants (O&S) business.
Read more at Reuters Africa
Wesizwe Platinum shares rise on mine project study
(Reuters) - Shares in South Africa's Wesizwe Platinum Ltd jumped on Friday after it released a feasibility study for a new mine and said the project was one year ahead of schedule.
Shares soared as much as 8.0 percent and were up 4.3 percent at 9.18 rand by 0905 GMT, outperforming a 0.77 percent rise in the platinum mining index. Wesizwe shares have nearly doubled so far this year.
Read more at Reuters Africa
Shares soared as much as 8.0 percent and were up 4.3 percent at 9.18 rand by 0905 GMT, outperforming a 0.77 percent rise in the platinum mining index. Wesizwe shares have nearly doubled so far this year.
Read more at Reuters Africa
PRESS DIGEST - Washington Post Business - March 30
(Reuters) - At least 45.7 million credit and debit card numbers from customers in the United States, Britain and Canada were stolen over a period of several years from the computers of TJX , the discount retail giant disclosed in a regulatory filing.
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Read more at Reuters.com Bonds News
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UPDATE 1-Chinese think-tank says more flexible yuan needed
(Reuters) - The central bank has employed a range of tools in recent months to mop up excess cash in the banking system. In addition to regularly issuing bills, it has raised interest rates three times and banks' required reserves five times since last April.
The State Information Centre said that while those steps were part of the solution, the central bank needed to loosen its grip on the currency to turn off the tap of excess liquidity at the source -- the country's huge trade surplus.
Read more at Reuters.com Bonds News
The State Information Centre said that while those steps were part of the solution, the central bank needed to loosen its grip on the currency to turn off the tap of excess liquidity at the source -- the country's huge trade surplus.
Read more at Reuters.com Bonds News
TREASURIES-Retreat as Japan's fiscal year winds down
(Reuters) - The June 10-year contract fell 3/32 to 108-5/32 after having touched a low of 108-3.5/32 the previous session.
Benchmark 10-year notes were flat to yield 4.644 percent, near a one-month high of 4.65 percent. Two-year notes were also unchanged to yield 4.592 percent, keeping the yield curve positively sloped by about 5 basis points.
Read more at Reuters.com Bonds News
Benchmark 10-year notes were flat to yield 4.644 percent, near a one-month high of 4.65 percent. Two-year notes were also unchanged to yield 4.592 percent, keeping the yield curve positively sloped by about 5 basis points.
Read more at Reuters.com Bonds News
PRESS DIGEST - Wall Street Journal - March 30
(Reuters) - * Take-Two Interactive Software Inc. shareholders owning 46.1 percent of the videogame maker's stock succeeded in removing the company's board and replacing it with six new directors.
* Dell Inc. found evidence of misconduct following an internal probe of its accounting practices. The personal computer maker stressed that the inquiry isn't complete and said it will delay filing its annual report.
Read more at Reuters.com Bonds News
* Dell Inc. found evidence of misconduct following an internal probe of its accounting practices. The personal computer maker stressed that the inquiry isn't complete and said it will delay filing its annual report.
Read more at Reuters.com Bonds News
PRESS DIGEST - New York Times - March 30
(Reuters) - * The drama for control of the Tribune Co. intensified as two Los Angeles billionaires put in a last-minute bid, topping an offer from the Chicago real estate magnate, Sam Zell, by a dollar a share.
* Dell Inc. said "evidence of misconduct" had been uncovered in an internal investigation of its financial practices over several years.
Read more at Reuters.com Bonds News
* Dell Inc. said "evidence of misconduct" had been uncovered in an internal investigation of its financial practices over several years.
Read more at Reuters.com Bonds News
CORRECTED - -JGBs static, soft CPI brushed off before tankan
(Reuters) - TOKYO, March 30 - Japanese government bonds barely moved on Friday, the last trading day of the fiscal year, as investors brushed off a batch of data that supported the view that interest rates will rise, albeit slowly.
At the same time, investors were hesitant to pick up debt ahead of a barrage of debt auctions scheduled for next month.
Read more at Reuters.com Bonds News
At the same time, investors were hesitant to pick up debt ahead of a barrage of debt auctions scheduled for next month.
Read more at Reuters.com Bonds News
LA billionaires offer new Tribune bid - source
(Reuters) - By Robert MacMillan
NEW YORK, March 29 - Two Los Angeles billionaires have offered $34 per share for Tribune Co. , according to a source familiar with the matter, two days before the newspaper publisher and TV broadcaster plans to choose among bids that could take all or part of it private.
Read more at Reuters.com Bonds News
NEW YORK, March 29 - Two Los Angeles billionaires have offered $34 per share for Tribune Co. , according to a source familiar with the matter, two days before the newspaper publisher and TV broadcaster plans to choose among bids that could take all or part of it private.
Read more at Reuters.com Bonds News
CKE Q4 earnings fall, revenue climbs
(Reuters) - Consolidated revenue for the current year quarter for the restaurant company was $359.0 million, an increase of $10.4 million, or 3 percent, from the prior year quarter.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Dutch car producer Spyker books first profit ever
(Reuters) - Total production in 2006 rose to 94 cars from 48 in the previous year. Total production is expected to increase in 2007 compared to 2006, the company said in a statement.
Spykey, whose roots reach back more than 100 years to a family auto shop that once built the Golden State Coach for the Dutch royal family, said its order backlog rose to 327 cars.
Read more at Reuters.com Market News
Spykey, whose roots reach back more than 100 years to a family auto shop that once built the Golden State Coach for the Dutch royal family, said its order backlog rose to 327 cars.
Read more at Reuters.com Market News
European shares dented as Iran concern tops M&A
(Reuters) - European shares fell on Friday as concern over the tension between Britain and Iran pushed up oil prices and eclipsed a fresh burst of supportive merger news.
Markets got off to an uneasy start as London and Tehran still had not reached an agreement on the release of 15 British sailors and marines seized by Iran last week.
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Markets got off to an uneasy start as London and Tehran still had not reached an agreement on the release of 15 British sailors and marines seized by Iran last week.
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FTSE ticks down as Vodafone weighs, M&A supports
(Reuters) - Britain's top share index was down early on Friday as losses in index heavyweight Vodafone and insurer Resolution offset gains in M&A targets Kingfisher and Alliance Boots.
At 0755 GMT, the FTSE 100 was down 5.8 points, or 0.1 percent, at 6,318.4, having closed up 0.9 percent in the previous session. European shares were also lower.
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At 0755 GMT, the FTSE 100 was down 5.8 points, or 0.1 percent, at 6,318.4, having closed up 0.9 percent in the previous session. European shares were also lower.
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US blue chips up on safety bid amid Iran concerns
(Reuters) - U.S. blue chips ended higher on Thursday with investors scooping up large-cap, defensive stocks including Altria Group Inc. and energy shares, as the dispute between Iran and the West appeared to escalate.
The Nasdaq was nearly unchanged as a rally in biotechnology shares was offset by profit warnings from the semiconductor sector.
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The Nasdaq was nearly unchanged as a rally in biotechnology shares was offset by profit warnings from the semiconductor sector.
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Iberia gets 3.6 euros/share bid approach from TPG
(Reuters) - The cash approach, at an indicated price of 3.6 euros per share, is below Iberia's closing price on Thursday of 4 euros and below a price tag mentioned by media reports and analysts of up to 4.4 euros per share.
By 0702 GMT Iberia shares were down 3 percent at 3.88 euros
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By 0702 GMT Iberia shares were down 3 percent at 3.88 euros
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Thursday, March 29, 2007
Exxaro and S.African utility agree coal contract
(Reuters) - South African mining group Exxaro Resources Ltd has agreed to supply 7.3 million tonnes of coal over 40 years to state utility Eskom, the firm said on Thursday.
Exxaro said its Grootegeluk mine would supply coal to the first three units of Eskom's new Medupi power station, South Africa's first new electricity generating plant in a decade.
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Exxaro said its Grootegeluk mine would supply coal to the first three units of Eskom's new Medupi power station, South Africa's first new electricity generating plant in a decade.
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S.Africa shuts down a unit at nuclear power plant
(Reuters) - South Africa's state power utility Eskom said it shut down one unit at its Koeberg nuclear plant on Thursday to check for potential damage, but it should still be able to meet the country's electricity needs.
"We took the decision at 4 p.m. this afternoon (1400 GMT) to shut down the unit," spokesman Fani Zulu said. "We can meet the demand with only one unit, however, the system becomes tight."
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"We took the decision at 4 p.m. this afternoon (1400 GMT) to shut down the unit," spokesman Fani Zulu said. "We can meet the demand with only one unit, however, the system becomes tight."
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S.Africa Feb PSCE quickens to 26.12pct yr/yr
(Reuters) - Growth in demand for credit by South Africa's private sector quickened to 26.12 percent year-on-year in February from 24.83 percent in January, central bank data showed on Friday.
During the same period, the broadly defined M3 measure of money supply grew by 22.9 percent, faster than forecasts, compared to 22.49 percent in January.
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During the same period, the broadly defined M3 measure of money supply grew by 22.9 percent, faster than forecasts, compared to 22.49 percent in January.
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Gold tracks higher crude oil, defies US dollar
(Reuters) - Gold shrugged off a firmer dollar and rebounded on Friday to track higher crude oil, which spurred some safe-haven buying in parts of Asia.
Spot gold rose to $662.40/662.90 an ounce from $661.20/661.70 an ounce late in New York on Thursday, when it dropped nearly $5 after it failed to break resistance of $670 despite rising crude oil.
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Spot gold rose to $662.40/662.90 an ounce from $661.20/661.70 an ounce late in New York on Thursday, when it dropped nearly $5 after it failed to break resistance of $670 despite rising crude oil.
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Merger market unphased by market volatility
(Reuters) - Merger volume in the U.S. totaled $428.7 billion, compared with $352.1 billion a year ago, according to research firm Dealogic. Even as the total dollar value of the deals rose, the number of transactions fell to 1,397, from 2,012 a year ago, Dealogic said.
"We're in a very strong M&A market. There's a good probability we'll have a record year," said Jeffrey Raich, joint global head of M&A at UBS AG.
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"We're in a very strong M&A market. There's a good probability we'll have a record year," said Jeffrey Raich, joint global head of M&A at UBS AG.
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Sumitomo to buy Westinghouse stake by June: paper
(Reuters) - The Nikkei said Sumitomo made the decision to buy the stake at a board meeting on Thursday. It will sign an agreement next month and purchase the shares by June, the paper said.
Late last year Toshiba took a 77 percent stake in Westinghouse, the U.S. power plant unit of British Nuclear Fuels, for $4.16 billion.
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Late last year Toshiba took a 77 percent stake in Westinghouse, the U.S. power plant unit of British Nuclear Fuels, for $4.16 billion.
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AT&T, Qwest, Verizon win U.S. govt telecom contract
(Reuters) - Government agencies are expected to spend at least $20 billion on the contract over 10 years, the GSA estimates -- a move that will overhaul the government's telecommunications services.
Under terms of the GSA contract, called Networx Universal, agency spending could be increased to as much as $48 billion.
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Under terms of the GSA contract, called Networx Universal, agency spending could be increased to as much as $48 billion.
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AG Edwards profit surges, shares hit record
(Reuters) - Profit easily topped analysts' estimates. A.G. Edwards shares rose as much as 5.5 percent to a record.
Net income for the St. Louis-based company in the three months ended February 28 rose to $109.2 million, or $1.44 per share, from $75.4 million, or 99 cents, a year earlier.
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Net income for the St. Louis-based company in the three months ended February 28 rose to $109.2 million, or $1.44 per share, from $75.4 million, or 99 cents, a year earlier.
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Texas PUC proposes 6-month review of TXU buyout
(Reuters) - Texas' largest power company last month agreed to be bought by a group of private equity firms led by Kohlberg Kravis Roberts & Co. and Texas Pacific Group in the largest leverage buyout ever.
Publishing the proposed rules will start a period for comments and a possible public hearing. If enacted, the rule could take effect sometime in May, said a PUC spokesman.
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Publishing the proposed rules will start a period for comments and a possible public hearing. If enacted, the rule could take effect sometime in May, said a PUC spokesman.
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Shareholder vote to set fate of Take-Two board
(Reuters) - The investor group includes OppenheimerFunds Inc., Take-Two's largest institutional shareholder, D. E. Shaw Valence Portfolios and S.A.C. Capital Management.
If successful, the group plans to tap Strauss Zelnick, a former CEO of BMG Entertainment to be nonexecutive chairman. He would then boot out Chief Executive Paul Eibeler and consider replacing Chief Financial Officer Karl Winters.
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If successful, the group plans to tap Strauss Zelnick, a former CEO of BMG Entertainment to be nonexecutive chairman. He would then boot out Chief Executive Paul Eibeler and consider replacing Chief Financial Officer Karl Winters.
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UPDATE 1-Brazil cuts fiscal target on bigger GDP growth
(Reuters) - Mantega said the change was made because of a broader definition of GDP and will be unchanged from the primary surplus calculated for last year using the new GDP methodology.
The government on Wednesday revised the GDP expansion in 2006 to 3.7 percent from a previously reported 2.9 percent. Mantega last night said that with the revision, the 2006 primary surplus fell to 3.88 percent of GDP, below the government's target of 4.25 percent.
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The government on Wednesday revised the GDP expansion in 2006 to 3.7 percent from a previously reported 2.9 percent. Mantega last night said that with the revision, the 2006 primary surplus fell to 3.88 percent of GDP, below the government's target of 4.25 percent.
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U.S. dollar's demise may have been greatly exaggerated
(Reuters) - After a bounce this quarter from 20 month lows seen at the end of 2006, the dollar is only marginally lower than three months ago.
Slow but resilient U.S. economic growth, helped by a mild northern hemisphere winter, in the absence of an expected Federal Reserve interest rate cut during the quarter, helped spur a rally in the greenback mostly in January.
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Slow but resilient U.S. economic growth, helped by a mild northern hemisphere winter, in the absence of an expected Federal Reserve interest rate cut during the quarter, helped spur a rally in the greenback mostly in January.
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Fed's Stern says stable, low inflation policy needed
(Reuters) - "I would not expect inflation to accelerate even if compensation does, as long as the Federal Reserve remains committed to a stable, low inflation policy," Stern said in remarks prepared for a University of Dayton investment forum.
A copy of his remarks was made available in advance. Stern is not a voter on the Federal Open Market Committee in 2007.
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A copy of his remarks was made available in advance. Stern is not a voter on the Federal Open Market Committee in 2007.
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Warner Music shares up after analyst note
(Reuters) - Greenfield said shares in the company had fallen by more than 31 percent this year due to deteriorating music sales data and uncertainty surrounding a potential EMI merger and on Wednesday dropped below the $16 target price he had set for it.
Sales of CDs fell by 20 percent in the first quarter, according to data from Nielsen SoundScan.
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Sales of CDs fell by 20 percent in the first quarter, according to data from Nielsen SoundScan.
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Brazil central gov't primary surplus falls in Feb
(Reuters) - The primary surplus includes spending by the Treasury, central bank and social security agency but excludes transfers to state and local governments and interest payments on debt. It feeds into the consolidated public sector primary surplus, which also excludes interest payments and is closely tracked by investors as a measure of Brazil's ability to pay its debts.
Finance Minister Guido Mantega said Thursday that the government will maintain its consolidated primary surplus target at 91 billion reais in 2007, but a new methodology for measuring economic activity means the number will represent a smaller percentage of GDP than last year's 4.25 percent target.
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Finance Minister Guido Mantega said Thursday that the government will maintain its consolidated primary surplus target at 91 billion reais in 2007, but a new methodology for measuring economic activity means the number will represent a smaller percentage of GDP than last year's 4.25 percent target.
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Rand firms vs dollar, eyes credit, trade data
(Reuters) - The South African rand recouped some of the previous day's losses on Thursday as favourable U.S. economic data boosted emerging market sentiment, traders said.
The rand was up 0.55 percent at 7.2930 against the dollar at 1525 GMT, after dipping to 7.3385 earlier, compared to Wednesday's close of 7.3330 in New York. The local currency had tumbled by roughly 1.4 percent in the previous session.
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The rand was up 0.55 percent at 7.2930 against the dollar at 1525 GMT, after dipping to 7.3385 earlier, compared to Wednesday's close of 7.3330 in New York. The local currency had tumbled by roughly 1.4 percent in the previous session.
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Discovery to buy out Cox Communications stake
(Reuters) - The deal is expected to close in May, Discovery said, adding that the cash amount is expected to be raised through an additional bank or other financing facility.
"This proposed transaction will simplify Discovery's ownership structure, further streamline our operations and give the company more strategic flexibility," Discovery Chief Executive David Zaslav said in a statement.
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"This proposed transaction will simplify Discovery's ownership structure, further streamline our operations and give the company more strategic flexibility," Discovery Chief Executive David Zaslav said in a statement.
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Gold falls one percent on US economic data
(Reuters) - Gold slipped more than one percent on Thursday after data showed the U.S. economy grew more strongly than expected in the fourth quarter of last year.
Spot gold fell as low as $658.30 before recovering to 660.50/661.50 by 1435 GMT, against $666.10/666.66 in New York on Wednesday, when it jumped to a four-week high of $669.50.
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Spot gold fell as low as $658.30 before recovering to 660.50/661.50 by 1435 GMT, against $666.10/666.66 in New York on Wednesday, when it jumped to a four-week high of $669.50.
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BCE says not in talks to be taken over
(Reuters) - It said it issued its statement at the request of the Toronto Stock Exchange's regulations service.
The Globe and Mail newspaper reported on Thursday that BCE had had discussions with New York buyout firm Kohlberg Kravis Roberts regarding a possible transaction to take BCE private.
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The Globe and Mail newspaper reported on Thursday that BCE had had discussions with New York buyout firm Kohlberg Kravis Roberts regarding a possible transaction to take BCE private.
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Wall St rebounds, helped by jobless data
(Reuters) - U.S. stocks jumped on Thursday as an unexpected drop in weekly unemployment benefits claims suggested jobs strength and investors hunted for bargains after three declining days by the Dow industrials.
Data showing the economy grew faster than previously thought at the end of last year also added to optimism.
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Data showing the economy grew faster than previously thought at the end of last year also added to optimism.
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Visa talks up mobile payments, invests in wireless
(Reuters) - Wireless transactions are common in some countries, such as Japan, where shoppers with mobile phones can pay with a wave of a handset instead of a swipe with a credit card, but the market is in its infancy in the United States.
U.S. mobile service providers see mobile payments as a way to increase customer loyalty while payment companies such as Visa view phones as the key to winning over American consumers, who use cash and checks for 46 percent of their spending.
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U.S. mobile service providers see mobile payments as a way to increase customer loyalty while payment companies such as Visa view phones as the key to winning over American consumers, who use cash and checks for 46 percent of their spending.
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Citigroup expands in China
(Reuters) - Prince, who is on an Asian tour, told reporters that local incorporation was a milestone.
"We intend to accelerate our network expansion with the aim of reaching more than 30 outlets by the end of 2007," he said. "China is crucial to our long-term ambitions."
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"We intend to accelerate our network expansion with the aim of reaching more than 30 outlets by the end of 2007," he said. "China is crucial to our long-term ambitions."
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UPDATE 1-U.S. economic growth to slow in 2007-IMF's Rato
(Reuters) - "We will see lesser growth in the United States than in September. We probably see now that number of September going to be reduced but not in significant way," Rato told reporters at a briefing.
Draft figures for global and U.S. economic growth obtained by Reuters earlier this month showed that the IMF was expected to reduce its 2007 U.S. growth estimate to 2.6 percent.
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Draft figures for global and U.S. economic growth obtained by Reuters earlier this month showed that the IMF was expected to reduce its 2007 U.S. growth estimate to 2.6 percent.
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Delta Air Lines reports February profit
(Reuters) - Delta said some of its fuel hedges in February led to a $5 million loss.
The carrier said it ended February with $3.7 billion in cash, cash equivalents and short-term investments, of which $2.7 billion was unrestricted.
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The carrier said it ended February with $3.7 billion in cash, cash equivalents and short-term investments, of which $2.7 billion was unrestricted.
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Fourth-quarter GDP revised up on inventories
(Reuters) - Economists had expected the final fourth-quarter reading of GDP growth to be unrevised at 2.2 percent.
The final figure was up from a 2 percent rate in the third quarter and meant the economy expanded by a solid 3.3 percent during the whole of 2006. It was the third straight year that GDP expanded at a rate over 3 percent, following growth of 3.2 percent in 2005 and 3.9 percent in 2004.
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The final figure was up from a 2 percent rate in the third quarter and meant the economy expanded by a solid 3.3 percent during the whole of 2006. It was the third straight year that GDP expanded at a rate over 3 percent, following growth of 3.2 percent in 2005 and 3.9 percent in 2004.
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GDP revised up on inventories
(Reuters) - The pickup in growth came even as investment in housing was revised to an even bigger drop of 19.8 percent, the largest decline since the first quarter of 1991, and business investment weakened.
Gross Domestic Product or GDP, which measures total goods and services output within U.S. borders, expanded at a 2.5 percent annual rate instead of 2.2 percent, the department said in its final revision of fourth-quarter economic performance.
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Gross Domestic Product or GDP, which measures total goods and services output within U.S. borders, expanded at a 2.5 percent annual rate instead of 2.2 percent, the department said in its final revision of fourth-quarter economic performance.
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CarMax earnings rise 15 percent
(Reuters) - The latest results include an asset impairment charge of 1 cent per share related to a new car franchise.
Analysts were expecting CarMax to earn 22 cents per share.
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Analysts were expecting CarMax to earn 22 cents per share.
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Family Dollar quarterly profit rises
(Reuters) - Analysts, on average, had expected earnings of 58 cents per share, according to Reuters Estimates.
The latest quarter was a 14-week period that ended March 3, while last year's results were for a 13-week period ended February 25, 2006.
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The latest quarter was a 14-week period that ended March 3, while last year's results were for a 13-week period ended February 25, 2006.
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BCE being eyed by buyout firm KKR: report
(Reuters) - KKR would not be able to purchase BCE on its own due to foreign ownership restrictions on Canadian phone companies, but the sources said the private equity firm has been in talks with potential partners, including leading pension funds.
Ontario Teachers' Pension Fund, BCE's biggest shareholder with a 5.3 percent stake, is among those that have been approached, according to the report.
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Ontario Teachers' Pension Fund, BCE's biggest shareholder with a 5.3 percent stake, is among those that have been approached, according to the report.
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Yen down as risk aversion eases, US GDP due
(Reuters) - The yen fell across the board on Thursday and high-yielding currencies rallied as investors re-entered carry trades after a rise in equity markets and testimony from Federal Reserve Chairman Ben Bernanke.
Although Bernanke, speaking on Wednesday, acknowledged risks to the economy from the U.S. housing market, he also stressed inflationary pressures -- a message that markets took to mean that the Fed is not ready to cut interest rates yet.
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Although Bernanke, speaking on Wednesday, acknowledged risks to the economy from the U.S. housing market, he also stressed inflationary pressures -- a message that markets took to mean that the Fed is not ready to cut interest rates yet.
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S.Africa jobless rate little changed at 25.5 pct
(Reuters) - South Africa's jobless rate was little changed at 25.5 percent in Septermber 2006 compared with 25.6 in March last year, an official labour report showed on Thursday.
The rate slowed from 26.7 percent in September 2005, Statistics South Africa said.
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The rate slowed from 26.7 percent in September 2005, Statistics South Africa said.
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S.Africa Feb PPI slows to +9.5 percent yr/yr
(Reuters) - South Africa's producer price inflation slowed to 9.5 percent year-on-year in February after a 9.8 percent increase in January, below forecasts, official data showed on Thursday.
On a monthly basis, PPI decreased by 0.1 percent after a 0.4 percent increase in January.
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On a monthly basis, PPI decreased by 0.1 percent after a 0.4 percent increase in January.
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Stocks rise, oil slips
(Reuters) - Shares in RF Micro Devices Inc. are in focus after the maker of analog chips used in mobile phones confirmed its fourth-quarter results guidance, but said a shortfall in demand from a key customer will hurt its first-quarter results.
Shares of the company fell nearly 6 percent to $6.67, after closing at $7.07 on the Nasdaq on Wednesday.
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Shares of the company fell nearly 6 percent to $6.67, after closing at $7.07 on the Nasdaq on Wednesday.
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European stocks higher on M&A, upbeat Compass leads
(Reuters) - European shares rose on Thursday as M&A activity helped investors overcome worries about the U.S. economy, while Compass, the world's biggest caterer, led gainers after a strong trading statement.
At 0823 GMT, the FTSEurofirst 300 index was up 0.6 percent. Germany's DAX, France's CAC 40 and Britain's FTSE 100 gained between 0.6 and 0.7 percent.
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At 0823 GMT, the FTSEurofirst 300 index was up 0.6 percent. Germany's DAX, France's CAC 40 and Britain's FTSE 100 gained between 0.6 and 0.7 percent.
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FTSE rises amid upbeat earnings, M&A hopes
(Reuters) - Britain's FTSE 100 index of leading shares traded 0.4 percent higher on Thursday, as a clutch of stocks rose on upbeat results, and M&A hopes helped buoy sentiment.
Leading the index, Compass, the world's biggest caterer, jumped 4.3 percent after saying trading in the first five months of the year had been ahead of its expectations and the sale of its European vending business was progressing.
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Leading the index, Compass, the world's biggest caterer, jumped 4.3 percent after saying trading in the first five months of the year had been ahead of its expectations and the sale of its European vending business was progressing.
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Rand a tad weaker, to remain pressure
(Reuters) - South Africa's rand was slightly weaker against the dollar on Thursday and traders said the currency would remain under pressure if offshore selling and risk aversion towards emerging markets continued.
The rand fell more than 1.4 percent in Johannesburg's late trade as comments by U.S. Federal Reserve chairman Ben Bernanke about the uncertainty of the U.S. economic outlook prompted a sell-off of high risk assets such as the rand.
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The rand fell more than 1.4 percent in Johannesburg's late trade as comments by U.S. Federal Reserve chairman Ben Bernanke about the uncertainty of the U.S. economic outlook prompted a sell-off of high risk assets such as the rand.
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Wall St indexes fall as Bernanke, data, oil weigh
(Reuters) - U.S. stocks ended lower on Wednesday after Federal Reserve Chairman Ben Bernanke said he was uncomfortable with inflation and uncertain about the economy, compounding the impact of a weak durable goods report.
Escalating tensions between Iran and the West also kept investors on edge and boosted crude oil prices nearly 2 percent.
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Escalating tensions between Iran and the West also kept investors on edge and boosted crude oil prices nearly 2 percent.
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World Bank to help Brazil export ethanol technology
(Reuters) - The World Bank can help Brazil export its technology for making sugar-cane ethanol to developing countries in Africa and elsewhere, the Bank's vice-president for Latin America said on Wednesday.
"Brazil sees (sharing technology) as a way of helping to build an ethanol market in the world," Pamela Cox told Reuters in an interview. "As projects come up, we have a private sector arm that can help."
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"Brazil sees (sharing technology) as a way of helping to build an ethanol market in the world," Pamela Cox told Reuters in an interview. "As projects come up, we have a private sector arm that can help."
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Wednesday, March 28, 2007
Shell drops Gulf LNG port
(Reuters) - "It's just an assessment of the market," said project manager Greg Koehler in announcing cancellation of the terminal that had been dubbed Gulf Landing.
When Shell proposed Gulf Landing for a site 38 miles south of Cameron, La., in 2003, there was one LNG terminal in the Gulf of Mexico. Now, including Mexico, there are seven either operating or under construction and more are planned.
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When Shell proposed Gulf Landing for a site 38 miles south of Cameron, La., in 2003, there was one LNG terminal in the Gulf of Mexico. Now, including Mexico, there are seven either operating or under construction and more are planned.
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Ericsson CEO sees more multimedia buys: report
(Reuters) - "There will be more acquisitions on the multimedia side. We do not need to take a breath just because we have made several acquisitions," he said.
Ericsson has recently bought Norwegian digital broadcast systems maker Tandberg Television and IP messaging components company Mobeon as part of its plan to build up multimedia.
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Ericsson has recently bought Norwegian digital broadcast systems maker Tandberg Television and IP messaging components company Mobeon as part of its plan to build up multimedia.
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MTN 2006 adj headline EPS at 584.7 cts
(Reuters) - MTN, sub-Saharan Africa's biggest cell phone operator, posted annual adjusted headline EPS of 584.7 cents in line with its own forecast as it signed up new subscribers and made acquisitions.
MTN said on Thursday it had 40 million subscribers at the end of December, up 73 percent from a year earlier.
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MTN said on Thursday it had 40 million subscribers at the end of December, up 73 percent from a year earlier.
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Oil stands near six-month high on Iran tension
(Reuters) - Oil held near its highest close in over six months on Thursday as traders weighed rising risk to Gulf supplies from mounting tension between Iran and the West.
Small draws in weekly U.S. product and crude stocks were overshadowed by fears surrounding the world's fourth-largest oil exporter, which has been holding 15 British sailors and marines since Friday and was hit with new U.N. sanctions at the weekend.
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Small draws in weekly U.S. product and crude stocks were overshadowed by fears surrounding the world's fourth-largest oil exporter, which has been holding 15 British sailors and marines since Friday and was hit with new U.N. sanctions at the weekend.
Read more at Reuters Africa
S.Africa crime blights local firms' reputation - finmin
(Reuters) - South Africa's Finance Minister Trevor Manuel said on Wednesday economic crime had reached unacceptable levels, besmirching local firms global reputation and the government would be tougher on it.
Manuel said the government would actively enforce laws to curb corruption in both the private sector and government.
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Manuel said the government would actively enforce laws to curb corruption in both the private sector and government.
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Dollar edges up as risk aversion worry eases
(Reuters) - The dollar edged up against the yen on Thursday, extending a rebound as a rise in Asian shares soothed worries about risk aversion and prompted buying of higher-yielding currencies against the yen.
The dollar also gained ground as market players viewed comments from Federal Reserve Chairman Ben Bernanke on Wednesday as suggesting the central bank is not ready to cut interest rates just yet.
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The dollar also gained ground as market players viewed comments from Federal Reserve Chairman Ben Bernanke on Wednesday as suggesting the central bank is not ready to cut interest rates just yet.
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S.African c.bank chief Mboweni criticises Barclays - FT
(Reuters) - South Africa's central bank governor has criticised the 2005 takeover by Barclays Plc of South African retail bank Absa, the Financial Times reported on Thursday.
Reserve Bank governor Tito Mboweni called the British bank's stewardship of Absa "discouraging", the newspaper said.
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Reserve Bank governor Tito Mboweni called the British bank's stewardship of Absa "discouraging", the newspaper said.
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New Century cuts Freddie Mac tie
(Reuters) - The Irvine, California-based company also said it entered agreements with regulators in Idaho, Iowa, Michigan and Wyoming to stop lending. These follow similar agreements with or orders from several other states, including California and New York, arising from New Century's failure to fund loans.
New Century said it decided voluntarily on Monday to stop selling or being the main servicer of loans for Freddie Mac, the second-largest U.S. home loan financier. Fannie Mae , the largest financier, cut off its own ties with New Century earlier this month, saying the company breached some contracts.
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New Century said it decided voluntarily on Monday to stop selling or being the main servicer of loans for Freddie Mac, the second-largest U.S. home loan financier. Fannie Mae , the largest financier, cut off its own ties with New Century earlier this month, saying the company breached some contracts.
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No bonuses for top GM executives: report
(Reuters) - Full details on executives' compensation will be released next month when the company files its annual proxy statement, the Times said.
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Many wealthy not attracted to hedge funds: survey
(Reuters) - The Spectrem survey, even though it comprises a small sampling, suggests that hedge funds have some work to do if they want to continue to attract more wealthy investors, which historically have comprised the largest percentage of industry investment.
"Financial services providers need to be proactive in educating affluent investors about their risks and rewards," said Spectrem in the report.
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"Financial services providers need to be proactive in educating affluent investors about their risks and rewards," said Spectrem in the report.
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AmBev to invest $2.4 billion in Brazil over 5 years
(Reuters) - AmBev said it needed the record level of investment to expand its production capacity, especially in northeastern and central-western Brazil to take advantage of the country's accelerating economic growth and growing beverage market.
"It is the biggest investment announced by the company since Ambev's creation" nearly seven years ago, the statement said.
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"It is the biggest investment announced by the company since Ambev's creation" nearly seven years ago, the statement said.
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China's McDonald's, KFC, Pizza Hut accused of low pay
(Reuters) - Company representatives denied breaking labor laws.
A provincial official said the claims would be investigated, the China Daily reported on Thursday.
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A provincial official said the claims would be investigated, the China Daily reported on Thursday.
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Oil up around $2 after spike on Iran rumour
(Reuters) - Oil climbed near to $65 a barrel on Wednesday, after a $5 spike to six month highs overnight on a rumour, quickly dismissed by the United States, that a U.S. naval vessel had clashed with Iran.
Britain denied another market rumour that it had sent troops to release 15 British military personnel being held in Iran.
Read more at Reuters Africa
Britain denied another market rumour that it had sent troops to release 15 British military personnel being held in Iran.
Read more at Reuters Africa
Kenya seeks partner in Telkom privatisation
(Reuters) - Kenya invited expressions of interest on Wednesday from companies seeking to buy a 26 percent stake in Telkom Kenya, a state-owned landline company, as a strategic partner.
In a newspaper advertisement, the government said it also intended to sell off a further 34 percent of Telkom in an initial public offering once the strategic partner was on board.
Read more at Reuters Africa
In a newspaper advertisement, the government said it also intended to sell off a further 34 percent of Telkom in an initial public offering once the strategic partner was on board.
Read more at Reuters Africa
World trade talk prospects fading - Brazil expert
(Reuters) - The chances of success in the World Trade Organization's Doha round of free-trade talks are fading, Marcos Jank, president of the Brazilian Institute for International Trade Negotiations, said on Wednesday.
"We have a big risk of failure," he said at a conference organised by news and information service Agra Europe.
Read more at Reuters Africa
"We have a big risk of failure," he said at a conference organised by news and information service Agra Europe.
Read more at Reuters Africa
Mozambique says CVRD near start of coal project
(Reuters) - Brazilian miner Companhia Vale do Rio Doce has promised to begin developing the $1.2 billion Moatize coal project in Mozambique within three months, Mozambique's mining minister said on Wednesday.
A consortium led by CVRD, the world's top iron ore producer, made the commitment in a development plan recently submitted to the Mozambique government, Mineral Resources Minister Esperanca Bias told state-run radio in the southern African nation.
Read more at Reuters Africa
A consortium led by CVRD, the world's top iron ore producer, made the commitment in a development plan recently submitted to the Mozambique government, Mineral Resources Minister Esperanca Bias told state-run radio in the southern African nation.
Read more at Reuters Africa
Dollar extends losses vs yen after US durables
(Reuters) - The dollar extended losses against the yen on Wednesday, after a softer-than-expected U.S. durables report bolstered chances of Federal Reserve interest rate cuts this year.
The report followed a string of weak U.S. data in the last few sessions, including Tuesday's fall in consumer confidence and Monday's unexpected sharp fall in new home sales.
Read more at Reuters Africa
The report followed a string of weak U.S. data in the last few sessions, including Tuesday's fall in consumer confidence and Monday's unexpected sharp fall in new home sales.
Read more at Reuters Africa
US stocks drop after Bernanke comments
(Reuters) - U.S. stocks fell sharply on Wednesday after Federal Reserve Chairman Ben Bernanke cast doubt about a recovery in housing and said uncertainties surrounding the economic outlook had increased.
Shares of bellwether companies, including plane maker Boeing Co. and diversified manufacturer General Electric Co. were among the top decliners, along with shares of banks and retailers.
Read more at Reuters Africa
Shares of bellwether companies, including plane maker Boeing Co. and diversified manufacturer General Electric Co. were among the top decliners, along with shares of banks and retailers.
Read more at Reuters Africa
S.Africa stocks reverse minor gains after Bernanke
(Reuters) - South African stocks closed flat on Wednesday, reversing earlier gains after Federal Reserve Chairman Ben Bernanke raised the alarm about prospects for the U.S. economy.
The Johannesburg Top-40 index of blue-chip stocks edged 0.01 percent higher to 24,183.98 points, climbing down from earlier marginal gains. The All-share index closed 0.04 percent down at 26,829.80 points.
Read more at Reuters Africa
The Johannesburg Top-40 index of blue-chip stocks edged 0.01 percent higher to 24,183.98 points, climbing down from earlier marginal gains. The All-share index closed 0.04 percent down at 26,829.80 points.
Read more at Reuters Africa
S.Africa's Solidarity union to strike at Telkom unit
(Reuters) - South Africa's Solidarity union members propose to go on strike at Milnerton Maritime Radio, a unit of fixed-line phone company Telkom, which could affect shipping off the Cape coast, the union said on Wednesday.
Solidarity spokesperson Jaco Kleynhans said in a statement the trade union has obtained permission from the Commission for Conciliation, Mediation and Arbitration (CCMA) to call a strike over a dispute concerning weekend work.
Read more at Reuters Africa
Solidarity spokesperson Jaco Kleynhans said in a statement the trade union has obtained permission from the Commission for Conciliation, Mediation and Arbitration (CCMA) to call a strike over a dispute concerning weekend work.
Read more at Reuters Africa
European stocks edge down as oil prices rise
(Reuters) - European stock markets drifted lower on Wednesday, as a 1.7 percent jump in U.S. crude oil prices to $64 a barrel supported oil firms Total and BP but hit the broader market.
Oil prices had briefly spiked above $68 on a rumour, quickly dismissed by the United States, of a conflict involving Iran.
Read more at Reuters Africa
Oil prices had briefly spiked above $68 on a rumour, quickly dismissed by the United States, of a conflict involving Iran.
Read more at Reuters Africa
S.Africa Feb CPIX slows to 4.9 pct yr/yr
(Reuters) - South Africa's targeted CPIX inflation rate rose by 4.9 percent in the year to February, below forecasts, after increasing by 5.3 percent in January, official data showed on Wednesday.
Figures from Statistics South Africa also indicated that the all-items consumer price index (CPI) increased by an annual rate of 5.7 percent in February compared to January's 6.0 percent.
Read more at Reuters Africa
Figures from Statistics South Africa also indicated that the all-items consumer price index (CPI) increased by an annual rate of 5.7 percent in February compared to January's 6.0 percent.
Read more at Reuters Africa
Market Chatter -- Corporate finance press digest
(Reuters) - British Airways is considering a one billion pound bid for smaller rival bmi the Times said.
General Motors Corp. will not make a first-round bid for DaimlerChrysler AG's Chrysler unit, leaving just private equity firms and an auto parts supplier in the running, the Times reported, citing unnamed sources close to the talks.
Read more at Reuters.com Mergers News
General Motors Corp. will not make a first-round bid for DaimlerChrysler AG's Chrysler unit, leaving just private equity firms and an auto parts supplier in the running, the Times reported, citing unnamed sources close to the talks.
Read more at Reuters.com Mergers News
DBS may be allowed to bid for KEB in group-official
(Reuters) - The Singaporean bank has not yet submitted an application for such permission, the official at the Financial Supervisory Service added.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Thomson sees no reason to be bought-report
(Reuters) - Asked to comment on recurrent market speculation that Thomson might be a takeover target, Chief Executive Frank Dangeard told La Tribune: "Thomson has a clear strategy which allows it to be a leader in its sector. There is no reason for us to be consolidated."
Dangeard added that Thomson's plan was to achieve annual sales growth of between 5 to 7 percent from now until 2009 and that Thomson expected a "very strong rise" in its net profit.
Read more at Reuters.com Mergers News
Dangeard added that Thomson's plan was to achieve annual sales growth of between 5 to 7 percent from now until 2009 and that Thomson expected a "very strong rise" in its net profit.
Read more at Reuters.com Mergers News
ABN AMRO rejects TCI shakeup plan but allows vote
(Reuters) - By Reed Stevenson
AMSTERDAM, March 28 - ABN AMRO said on Wednesday it would let shareholders vote on proposals by hedge fund TCI for a shake-up of the bank, but recommended against the measures as it looks at a potential merger with Barclays .
Read more at Reuters.com Mergers News
AMSTERDAM, March 28 - ABN AMRO said on Wednesday it would let shareholders vote on proposals by hedge fund TCI for a shake-up of the bank, but recommended against the measures as it looks at a potential merger with Barclays .
Read more at Reuters.com Mergers News
UPDATE 3-Strong sales boost Sainsbury ahead of possible bid
(Reuters) - LONDON, March 28 - British supermarket group J. Sainsbury Plc topped fourth-quarter sales forecasts on Wednesday and reaffirmed its recovery plan was on track, as it waits for a possible bid from a group of private equity firms.
Britain's third-biggest supermarket group said like-for-like sales excluding fuel rose 5.9 percent in the 12 weeks to March 24, boosted by strong sales of ethical "Fairtrade" products and goods linked to the national "Red Nose" charity day.
Read more at Reuters.com Mergers News
Britain's third-biggest supermarket group said like-for-like sales excluding fuel rose 5.9 percent in the 12 weeks to March 24, boosted by strong sales of ethical "Fairtrade" products and goods linked to the national "Red Nose" charity day.
Read more at Reuters.com Mergers News
UPDATE 2-Australia's Ten H1 profit down on costs, ad market
(Reuters) - SYDNEY, March 28 - Ten Network Holdings Ltd. , Australia's third-biggest TV broadcaster, posted a 12 percent fall in first-half profit on higher costs and a subdued advertising market, but tipped an improved performance this year.
Ten, which has been put up for sale by majority shareholder Canada's CanWest Global Communications Corp. , said an Australian election later this year would boost ad spending and its TV profits should improve after winning back market share.
Read more at Reuters.com Market News
Ten, which has been put up for sale by majority shareholder Canada's CanWest Global Communications Corp. , said an Australian election later this year would boost ad spending and its TV profits should improve after winning back market share.
Read more at Reuters.com Market News
Singapore's DBS in talks to bid for Korea's KEB: sources
(Reuters) - The Singapore bank, Southeast Asia's largest, is working to form a consortium with South Korean bank Nonghyup to buy KEB from U.S. buyout fund Lone Star , one of the sources familiar with the situation told Reuters.
KEB is controlled by U.S. buyout fund Lone Star and is one of the few remaining targets in South Korea's banking sector for foreign buyers seeking growth. But a legal battle over Lone Star's 2003 purchase of KEB has put a sale on hold.
Read more at Reuters.com Business News
KEB is controlled by U.S. buyout fund Lone Star and is one of the few remaining targets in South Korea's banking sector for foreign buyers seeking growth. But a legal battle over Lone Star's 2003 purchase of KEB has put a sale on hold.
Read more at Reuters.com Business News
DoubleClick eyes sale, talks with Microsoft: report
(Reuters) - No one at DoubleClick was immediately available for comment.
The company is majority-owned by San Francisco private-equity firm Hellman & Friedman, which is seeking at least $2 billion for DoubleClick, one person briefed on the situation said in the Journal.
Read more at Reuters.com Business News
The company is majority-owned by San Francisco private-equity firm Hellman & Friedman, which is seeking at least $2 billion for DoubleClick, one person briefed on the situation said in the Journal.
Read more at Reuters.com Business News
Wal-Mart chief writes off New York: paper
(Reuters) - He said Wal-Mart executives have lobbied for a store in New York, but he remains unconvinced. "It's too hard to make money here," he said.
Later, Wal-Mart spokesperson Mona Williams sought to amend Scott's remarks, the Times said.
Read more at Reuters.com Business News
Later, Wal-Mart spokesperson Mona Williams sought to amend Scott's remarks, the Times said.
Read more at Reuters.com Business News
HP sues Acer for patent breach
(Reuters) - "Acer has become a threat that leading PC vendors cannot afford to neglect," he said in a research note. "We understand why competitors would desire a halt to Acer's expansion in the U.S. market."
Shares in Acer, which is due to report earnings later on Wednesday, were down 2 percent to T$63.00 at 0425 GMT on Wednesday, underperforming the benchmark TAIEX index, which declined 0.92 percent, although MSCI's index of IT stocks, down 1.4 percent, indicated a broad sell-off in the sector.
Read more at Reuters.com Business News
Shares in Acer, which is due to report earnings later on Wednesday, were down 2 percent to T$63.00 at 0425 GMT on Wednesday, underperforming the benchmark TAIEX index, which declined 0.92 percent, although MSCI's index of IT stocks, down 1.4 percent, indicated a broad sell-off in the sector.
Read more at Reuters.com Business News
Rand steady as rumour denied
(Reuters) - South African rand steadied against the dollar on Wednesday after rumours that Iran fired at a U.S. naval vessel in the Gulf were denied.
The rand was trading at 7.2880 versus the dollar at 0755 GMT, little changed from a close of 7.2850 in New York on Tuesday. The rand weakened sharply overnight as the rumour spooked investors out of high-risk markets such as South Africa.
Read more at Reuters Africa
The rand was trading at 7.2880 versus the dollar at 0755 GMT, little changed from a close of 7.2850 in New York on Tuesday. The rand weakened sharply overnight as the rumour spooked investors out of high-risk markets such as South Africa.
Read more at Reuters Africa
Shanghai copper drops 1.2 pct after LME fall
(Reuters) - Shanghai copper futures fell 1.2 percent on Wednesday, but light consumer buying in Asia helped London Metal Exchange copper futures stabilise after sharp overnight losses triggered by weak U.S. data.
A falling consumer confidence index and a drop in U.S. new home sales for February to their lowest level since June 2000 pushed down LME copper futures on Tuesday. Three-month copper closed at $6,680 a tonne, but recovered to trade between $6,690 and $6,725 on Wednesday as Asian consumers bought.
Read more at Reuters Africa
A falling consumer confidence index and a drop in U.S. new home sales for February to their lowest level since June 2000 pushed down LME copper futures on Tuesday. Three-month copper closed at $6,680 a tonne, but recovered to trade between $6,690 and $6,725 on Wednesday as Asian consumers bought.
Read more at Reuters Africa
Tuesday, March 27, 2007
Wall St indexes fall, late oil spike hits futures
(Reuters) - U.S. stocks fell on Tuesday after a weak consumer confidence report fueled concerns the housing slowdown may spread to the broader economy and hurt corporate profits.
After the closing bell, U.S. crude oil futures spiked over $5 a barrel on concerns about Iran, sending U.S. stock futures sharply downward in electronic trading.
Read more at Reuters Africa
After the closing bell, U.S. crude oil futures spiked over $5 a barrel on concerns about Iran, sending U.S. stock futures sharply downward in electronic trading.
Read more at Reuters Africa
Sudan top target for Chinese investment in Africa
(Reuters) - The biggest target for Chinese investment in Africa is Sudan, the oil-producing country facing mounting international pressure over rights abuses in Darfur, according to figures released by a U.N. agency on Tuesday.
The U.N. Conference on Trade and Development (UNCTAD) said Sudan received $351.5 million in Chinese direct investment in 2005, the latest period for which data was available, making it Beijing's ninth-largest target for such flows worldwide.
Read more at Reuters Africa
The U.N. Conference on Trade and Development (UNCTAD) said Sudan received $351.5 million in Chinese direct investment in 2005, the latest period for which data was available, making it Beijing's ninth-largest target for such flows worldwide.
Read more at Reuters Africa
Morocco's largest fund CDG 2006 profit up 50 pct
(Reuters) - Morocco's largest fund Caisse de Depot et de Gestion (CDG) posted a 50 percent increase in net profit for last year, its managing director said on Tuesday.
Net profit rose to 2.48 billion dirhams in 2006 from 1.66 billion in 2005, Mustapha Bakkoury told a news conference.
Read more at Reuters Africa
Net profit rose to 2.48 billion dirhams in 2006 from 1.66 billion in 2005, Mustapha Bakkoury told a news conference.
Read more at Reuters Africa
Gold at 4-week high on oil, eyes Bernanke testimony
(Reuters) - Gold prices rose to their highest level in almost four weeks on Wednesday, in sympathy with surging crude oil which raises the metal's allure as a hedge against inflation.
Spot gold rose as high as $668.80 an ounce and was at $665.20/666.20 by 0144 GMT, higher than $662.90/663.90 late in New York on Tuesday.
Read more at Reuters Africa
Spot gold rose as high as $668.80 an ounce and was at $665.20/666.20 by 0144 GMT, higher than $662.90/663.90 late in New York on Tuesday.
Read more at Reuters Africa
Asian Stocks Fall on U.S. Economy Concern; Honda, Samsung Drop
Asian stocks were set for the first back-to-back drop in two weeks, led by companies that sell to the U.S. after consumer confidence and home prices fell in the region's largest export market.
Honda Motor Co., which had more than half of its sales in the U.S. and Canada last fiscal year, and Samsung Electronics Co. fell.
Read more at Bloomberg.com
Honda Motor Co., which had more than half of its sales in the U.S. and Canada last fiscal year, and Samsung Electronics Co. fell.
Read more at Bloomberg.com
Bear Stearns upgrades Martha Stewart, shares rise
(Reuters) - He raised his rating on the stock to "peer perform" from "underperform."
Meltz cited Martha Stewart's planned merchandising ventures with other companies in 2007 including paint at Lowe's Cos. Inc. , crafts at Michael's and home products at KB Studios.
Read more at Reuters.com Hot Stocks News
Meltz cited Martha Stewart's planned merchandising ventures with other companies in 2007 including paint at Lowe's Cos. Inc. , crafts at Michael's and home products at KB Studios.
Read more at Reuters.com Hot Stocks News
UPDATE 2-Delta Air sees profit swing, lower debt
(Reuters) - NEW YORK, March 27 - Delta Air Lines Inc. , which plans to emerge from bankruptcy in late April, said on Tuesday it expects to swing to a profit this year on cost reductions and higher revenue.
It also plans to slash debt and generate billions in cash flow.
Read more at Reuters.com New Issues News
It also plans to slash debt and generate billions in cash flow.
Read more at Reuters.com New Issues News
Africa attracting more Asian investment - UN report
(Reuters) - Africa is the target of growing volumes of Asian investment, a U.N report said on Tuesday.
Asia accounted for a fraction of the estimated $40 billion in foreign investment projects in Africa in 2006 but it is expected to grow as Asian firms seek opportunities, a joint report by the U.N. Conference on Trade and Development (UNCTAD) and the U.N. Development Programme said.
Read more at Reuters Africa
Asia accounted for a fraction of the estimated $40 billion in foreign investment projects in Africa in 2006 but it is expected to grow as Asian firms seek opportunities, a joint report by the U.N. Conference on Trade and Development (UNCTAD) and the U.N. Development Programme said.
Read more at Reuters Africa
India's Hutch inquiry may delay Vodafone deal-paper
(Reuters) - MUMBAI, March 27 - Vodafone Group Plc's deal to buy control of India's Hutchison Essar could be delayed as the government investigates the structure of Hutchison Telecommunication's stake, the Economic Times reported on Tuesday.
The Economic Times said the finance ministry had sought the law ministry's opinion on a 12.26 percent stake held by Hutchison Essar Chief Executive Asim Ghosh and investor Analjit Singh, and on whether Hutchison Telecom was the beneficial owner of that stake.
Read more at Reuters.com Government Filings News
The Economic Times said the finance ministry had sought the law ministry's opinion on a 12.26 percent stake held by Hutchison Essar Chief Executive Asim Ghosh and investor Analjit Singh, and on whether Hutchison Telecom was the beneficial owner of that stake.
Read more at Reuters.com Government Filings News
US home prices fell in January - S&P/Case Shiller
(Reuters) - The composite month-over-month Standard & Poor's/Case-Shiller Home Price Index of 20 metropolitan areas showed a 0.6 percent drop in January, to a 202.03 reading, or a 0.2 percent percent year-over-year loss.
Read more at Reuters.com Economic News
Read more at Reuters.com Economic News
Home prices plunge in January: S&P/Case Shiller
(Reuters) - "The annual declines in the composites are a good indicator of the dire state of the U.S. residential real estate market," Robert J. Shiller, chief economist at MacroMarkets LLC, said in a release.
"The 10-City and 20-City Composites are both showing negative annual returns, a striking difference from the 15.1 percent and 14.7 percent returns they reported this time last year," he said. "The dismal growth in the 10-City composite is now at rates not seen since January 1994."
Read more at Reuters.com Economic News
"The 10-City and 20-City Composites are both showing negative annual returns, a striking difference from the 15.1 percent and 14.7 percent returns they reported this time last year," he said. "The dismal growth in the 10-City composite is now at rates not seen since January 1994."
Read more at Reuters.com Economic News
UPDATE 1-McCormick quarterly profit higher on cost-cutting
(Reuters) - Analysts, on average, had been expecting the Sparks, Maryland-based company to earn 31 cents per share before the charges.
The company expects 2007 earnings to be up 8 percent to 10 percent on a comparable basis, excluding the impact of restructuring charges.
Read more at Reuters.com Market News
The company expects 2007 earnings to be up 8 percent to 10 percent on a comparable basis, excluding the impact of restructuring charges.
Read more at Reuters.com Market News
Home-builder stocks fall on sales data
(Reuters) - The Dow Jones U.S. Home Construction Index , a yardstick that measures home-builder performance, was down 2.24 percent.
The only region where home sales rose was in the West. Yet, that did not protect home builders, such as Standard Pacific Corp. , which focuses on that region. Its shares, which are more thinly traded than those of its larger brethren, fell 4 percent, or 94 cents, to $22.26 percent, in late morning trading on the New York Stock Exchange.
Read more at Reuters.com Business News
The only region where home sales rose was in the West. Yet, that did not protect home builders, such as Standard Pacific Corp. , which focuses on that region. Its shares, which are more thinly traded than those of its larger brethren, fell 4 percent, or 94 cents, to $22.26 percent, in late morning trading on the New York Stock Exchange.
Read more at Reuters.com Business News
Sanofi declines comment on possible BMS deal
(Reuters) - There have been regular rumors about a friendly tie-up between the two groups to create a global drugs giant.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
Enel could sue Caja Madrid over Endesa: source
(Reuters) - Late on Monday, Caja Madrid did a deal to sell E.ON its 9.9 percent stake in Endesa in two years but to keep its voting rights until then, potentially giving E.ON a louder voice at Endesa than Enel and its ally Acciona .
Analysts said the bidding war for Endesa, Caja Madrid's decision and threats of lawsuits from all sides could lead to a split-up of Spain's largest utility or a drawn out legal battle.
Read more at Reuters.com Business News
Analysts said the bidding war for Endesa, Caja Madrid's decision and threats of lawsuits from all sides could lead to a split-up of Spain's largest utility or a drawn out legal battle.
Read more at Reuters.com Business News
Barclays says in strong position on ABN
(Reuters) - "We are in a strong position," said Bob Diamond, head of Barclays' investment banking and a key figure in the talks. "We feel terrific that we have a period of exclusivity, and we have a lot of work to do," he said.
Barclays and ABN last week outlined a framework to create a bank listed in London, headquartered in Amsterdam and with its two top jobs split. Analysts said that leaves price as the key issue to be resolved.
Read more at Reuters.com Business News
Barclays and ABN last week outlined a framework to create a bank listed in London, headquartered in Amsterdam and with its two top jobs split. Analysts said that leaves price as the key issue to be resolved.
Read more at Reuters.com Business News
GameStop profit rises on strong game sales
(Reuters) - Analysts, on average, had seen the company posting a profit of 80 cents per share on revenue of $2.1 billion, according to Reuters Estimates.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
U.S. benefits from dollar role: Fed's Pianalto
(Reuters) - However, she said: "The United States benefits from the fact that the largest share of world currency reserves are held in dollar-denominated assets. Among these benefits is our ability to borrow from the rest of the world at a low interest rate."
Speculation that world central banks may diversify some of their reserves into other currencies such as the euro was one of the factors that contributed to dollar weakness in 2006. Countries including China, Russia, Sweden and Iran have cut dollar allocation in their reserves.
Read more at Reuters.com Business News
Speculation that world central banks may diversify some of their reserves into other currencies such as the euro was one of the factors that contributed to dollar weakness in 2006. Countries including China, Russia, Sweden and Iran have cut dollar allocation in their reserves.
Read more at Reuters.com Business News
Lennar scraps outlook as profit falls
(Reuters) - "Until we see prices stabilize... we will not be able to project the timing or the scope of margin recovery," Stuart Miller, president and chief executive officer, said in a statement.
For the fiscal first quarter ended February 28, Lennar said it earned $68.6 million, or 43 cents per share, down from $258.1 million, or $1.58 per share in the year earlier quarter.
Read more at Reuters.com Business News
For the fiscal first quarter ended February 28, Lennar said it earned $68.6 million, or 43 cents per share, down from $258.1 million, or $1.58 per share in the year earlier quarter.
Read more at Reuters.com Business News
Rosneft outbids TNK-BP in YUKOS carve-up auction
(Reuters) - State-controlled Rosneft, which has been widely tipped to take over the bulk of YUKOS's assets, paid 197.84 billion roubles for the first lot, 9.44 percent of its own shares, a 10 percent discount to the market price.
It plans to recycle the shares into the market, gaining new assets and increasing its own free float on the stock market.
Read more at Reuters.com Business News
It plans to recycle the shares into the market, gaining new assets and increasing its own free float on the stock market.
Read more at Reuters.com Business News
High court to review securities fraud case
(Reuters) - A federal court dismissed the case, concluding that the companies were not liable under U.S. securities law because they were not a central player in the alleged fraud.
The decision was affirmed by a U.S. appeals court in St. Louis, which said making third parties liable for securities fraud in such a case would impose "potential far reaching duties and uncertainties" on them.
Read more at Reuters.com Business News
The decision was affirmed by a U.S. appeals court in St. Louis, which said making third parties liable for securities fraud in such a case would impose "potential far reaching duties and uncertainties" on them.
Read more at Reuters.com Business News
DaimlerChrysler to build test fleet of electric vans
(Reuters) - Plug-in hybrids, an alternative to traditional combustion engines and strongly favored by some environmental advocates, can run on battery power alone for short trips and can be recharged with a standard electrical outlet.
DaimlerChrysler said it would combine the rechargeable battery on the Dodge Sprinter with a diesel engine for a bigger gain in fuel economy, saying that would be the first real-world test of that technology.
Read more at Reuters.com Business News
DaimlerChrysler said it would combine the rechargeable battery on the Dodge Sprinter with a diesel engine for a bigger gain in fuel economy, saying that would be the first real-world test of that technology.
Read more at Reuters.com Business News
Microsoft names Netflix CEO to board
(Reuters) - He founded online DVD rental company Netflix in 1997 and took the company public in 2002.
Microsoft's board was scaled back to nine members last year, when former U.S. Labor Secretary Ann McLaughlin Korologos retired at its annual shareholder meeting in November.
Read more at Reuters.com Business News
Microsoft's board was scaled back to nine members last year, when former U.S. Labor Secretary Ann McLaughlin Korologos retired at its annual shareholder meeting in November.
Read more at Reuters.com Business News
Citigroup may cut 15,000 jobs: papers
(Reuters) - The proposed cuts would affect 5 percent of Citigroup's work force of 327,000, and may include attrition, according to the Wall Street Journal and New York Times.
Citigroup may take a charge exceeding $1 billion, the Journal said, citing people familiar with the matter.
Read more at Reuters.com Business News
Citigroup may take a charge exceeding $1 billion, the Journal said, citing people familiar with the matter.
Read more at Reuters.com Business News
CNMV confirms 6-mth ban on Enel/Acciona Endesa bid
(Reuters) - It referred investors back to the first point it made in a statement released on Friday in which it said Enel and Acciona could not launch a bid for six months after the E.ON bid ended, due on April 3.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
Uranium miners mired in logjam despite price spike
(Reuters) - The sector is flush with cash but short on geologists, drill crews and regulatory staff -- the key ingredients to transform prospects to production.
"It's like when you drive on the highway and it gets crowded. It slows up because the slowest guy keeps it slower than you want it to be," said Denison Chief Executive Peter Farmer. "We're into a logjam right now."
Read more at Reuters.com Business News
"It's like when you drive on the highway and it gets crowded. It slows up because the slowest guy keeps it slower than you want it to be," said Denison Chief Executive Peter Farmer. "We're into a logjam right now."
Read more at Reuters.com Business News
Oracle suit may prompt criminal action against SAP
(Reuters) - SAN FRANCISCO, March 26 - Oracle Corp.'s lawsuit charging rival business software maker SAP AG with corporate theft could spur criminal as well as civil legal action against the company or "rogue" individuals acting on their own.
Analysts highlighted the details included in the 43-page complaint accusing an SAP business unit in Texas of illegally using customer log-ins to steal copyrighted materials and other materials from its password-protected Web site.
Read more at Reuters.com Business News
Analysts highlighted the details included in the 43-page complaint accusing an SAP business unit in Texas of illegally using customer log-ins to steal copyrighted materials and other materials from its password-protected Web site.
Read more at Reuters.com Business News
Former Houghton Mifflin owners bid for Thomson unit
(Reuters) - German media giant Bertelsmann is considering teaming up with that bidding group, according to a separate source. Reuters reported last week that Bertelsmann was mulling an offer with private equity for the unit, but did not identify the firms.
Apax Partners and Warburg Pincus are also involved in the auction, sources said, with the two buyout firms bidding separately for the unit.
Read more at Reuters.com Business News
Apax Partners and Warburg Pincus are also involved in the auction, sources said, with the two buyout firms bidding separately for the unit.
Read more at Reuters.com Business News
Asterisk marked Conrad Black's payment: witness
(Reuters) - A handwritten asterisk on the closing documents in a 2000 sale of eight to 10 newspapers from Black's Hollinger International Inc. to Community Newspaper Holdings Inc. directed that $4.5 million in non-compete payments be transferred to Black, another $4.5 million to partner David Radler, and $250,000 each to two of Black's co-defendants, the jury heard.
"The deal was with Hollinger International. We thought that was where the proceeds were supposed to go," said Michael Reed, the former chief executive of the Birmingham, Alabama-based newspaper group, which in all bought more than 100 Hollinger-owned papers over the years.
Read more at Reuters.com Business News
"The deal was with Hollinger International. We thought that was where the proceeds were supposed to go," said Michael Reed, the former chief executive of the Birmingham, Alabama-based newspaper group, which in all bought more than 100 Hollinger-owned papers over the years.
Read more at Reuters.com Business News
Sanofi chairman favors Bristol-Myers deal: paper
(Reuters) - At the same time, Chief Executive Gerard Le Fur has emphasized the need to focus on Sanofi's internal drug research and development program, it reported.
The Times cited unnamed banking sources as saying there was a "significant difference" in tactics between the pair.
Read more at Reuters.com Business News
The Times cited unnamed banking sources as saying there was a "significant difference" in tactics between the pair.
Read more at Reuters.com Business News
ADB sees Asian 2007 growth easing after 2006 peak
(Reuters) - Regional powerhouses are set to lead the pack with China's economy seen expanding by 10.0 percent this year and India recording 8.0 percent growth, the Manila-based multilateral institution said in its annual economic outlook.
The region's growth is expected to nudge up to 7.7 percent in 2008 even as China's expansion is seen slowing slightly to 9.8 percent, it said. India is likely to grow 8.3 percent next year.
Read more at Reuters.com Business News
The region's growth is expected to nudge up to 7.7 percent in 2008 even as China's expansion is seen slowing slightly to 9.8 percent, it said. India is likely to grow 8.3 percent next year.
Read more at Reuters.com Business News
UPDATE 1-Diageo's S. Korea unit says in tax authority probe
(Reuters) - "We do not know the exact reasons of this investigation, but we have been cooperating and delivering documents," Lee Won-ho, Diageo Korea's corporate relations director, said by telephone.
"This is not a tax evasion issue," Lee added.
Read more at Reuters.com Business News
"This is not a tax evasion issue," Lee added.
Read more at Reuters.com Business News
Cingular launches mobile banking with U.S. banks
(Reuters) - AT&T said customers could download the software from privately held Firethorn Holdings LLC onto their phones.
Along with Wachovia, U.S. banks such as BancorpSouth Inc. , Regions Financial Corp. and SunTrust Banks Inc. are offering mobile banking to AT&T customers.
Read more at Reuters.com Business News
Along with Wachovia, U.S. banks such as BancorpSouth Inc. , Regions Financial Corp. and SunTrust Banks Inc. are offering mobile banking to AT&T customers.
Read more at Reuters.com Business News
Delta Air sees 2007 pretax profit
(Reuters) - Delta, which plans to relist on the stock market in early May, said it expected to reduce net debt to $7.6 billion in 2007, compared with $16.9 billion as of June 30, 2005. The company expects to have a market value of about $10 billion.
Speaking on a Webcast of an investors; meeting, Delta Chief Executive Gerald Grinstein said he hopes the carrier chooses an internal candidate to replace him when he steps down after the company exits bankruptcy.
Read more at Reuters.com Business News
Speaking on a Webcast of an investors; meeting, Delta Chief Executive Gerald Grinstein said he hopes the carrier chooses an internal candidate to replace him when he steps down after the company exits bankruptcy.
Read more at Reuters.com Business News
FTSE firm, led by commodities and banks
(Reuters) - Britain's leading share index kicked off Tuesday's trading session in firm territory, as healthy oil and copper prices bolstered commodity stocks and banks bounced back.
Among miners, Kazakhmys added 2.4 percent and Rio Tinto gained 1.7 percent, while Xstrata, Anglo American and BHP Billiton were also standout gainers, after copper futures hit a three-month high.
Read more at Reuters Africa
Among miners, Kazakhmys added 2.4 percent and Rio Tinto gained 1.7 percent, while Xstrata, Anglo American and BHP Billiton were also standout gainers, after copper futures hit a three-month high.
Read more at Reuters Africa
S.Africa forex markets unhurt by global jitters - c.bank
(Reuters) - South Africa's currency markets did not experience a huge decrease in liquidity during the global market sell-off that started in late February, central bank governor Tito Mboweni said on Tuesday.
"The average daily turnover in South African currency markets is $14-billion and we did no see a sharp drop in turnover during the sell-off," Mboweni told parliament's finance committee.
Read more at Reuters Africa
"The average daily turnover in South African currency markets is $14-billion and we did no see a sharp drop in turnover during the sell-off," Mboweni told parliament's finance committee.
Read more at Reuters Africa
European shares rise early as M&A aids recovery
(Reuters) - European shares rose in early trade on Tuesday, helped by miners, banks and oil shares as acquisition activity bubbled along and investors focused on German business sentiment and U.S. consumer confidence data.
At 0807 GMT, the FTSEurofirst 300 index of top European shares was up 0.45 percent at 1,517.08 points, recovering from a 0.9-percent fall in the previous session when investors worried about weaker-than-expected U.S. housing data.
Read more at Reuters Africa
At 0807 GMT, the FTSEurofirst 300 index of top European shares was up 0.45 percent at 1,517.08 points, recovering from a 0.9-percent fall in the previous session when investors worried about weaker-than-expected U.S. housing data.
Read more at Reuters Africa
US tech stock edge up, but oil and housing hit Dow
(Reuters) - U.S. technology stocks rose on Monday, pulled higher by positive broker comments on companies such as Dell Inc., but renewed signs of weakness in the housing market halted a five-day winning streak for the Dow.
Following the start of trade, new-home sales data sent the market tumbling, with the Dow Jones industrial average down more than 100 points.
Read more at Reuters Africa
Following the start of trade, new-home sales data sent the market tumbling, with the Dow Jones industrial average down more than 100 points.
Read more at Reuters Africa
Monday, March 26, 2007
Kenya's telecoms players faces crowded market - Celtel
(Reuters) - Kenya's failure to secure a second national operator (SNO) raises questions about the feasibility of another player in a country dominated by three telecoms companies, the head of Celtel Kenya said on Monday.
"Governments can determine how many licences to issue, but economics normally determines how many can be viable," Celtel Kenya Chief Executive David Murray told Reuters in an interview.
Read more at Reuters Africa
"Governments can determine how many licences to issue, but economics normally determines how many can be viable," Celtel Kenya Chief Executive David Murray told Reuters in an interview.
Read more at Reuters Africa
Shanghai copper up over 1 pct at 3-month high
(Reuters) - Shanghai copper rose more than 1 percent on Tuesday, hitting a three-month peak after a 1.9 percent surge in London copper, while the newly launched Shanghai zinc contract was 1.6 percent higher.
Shanghai Futures Exchange June copper closed the mid-session up 1.1 percent at 63,170 yuan a tonne, from 62,500 yuan the previous day.
Read more at Reuters Africa
Shanghai Futures Exchange June copper closed the mid-session up 1.1 percent at 63,170 yuan a tonne, from 62,500 yuan the previous day.
Read more at Reuters Africa
Gold steady around New York levels, awaits US data
(Reuters) - Gold hovered near its New York levels on Tuesday but a drop in crude oil may limit gains, while investors awaited the release of U.S. economic indicators, which may offer new leads.
Spot gold hit an intraday high of $664.30 and was at $663.75/664.25 an ounce by 0138 GMT, versus $663.30/664.00 late in New York.
Read more at Reuters Africa
Spot gold hit an intraday high of $664.30 and was at $663.75/664.25 an ounce by 0138 GMT, versus $663.30/664.00 late in New York.
Read more at Reuters Africa
Oil holds below $63 after hitting 2007 high
(Reuters) - Oil held below $63 on Tuesday after hitting a 2007 high the previous day on the widening political dispute between Iran and the West and concerns over supply in the United States due to refinery glitches.
U.S. light, sweet crude for May delivery was trading down 11 cents at $62.80 a barrel by 0408 GMT, while Brent crude shed 8 cents to $64.33.
Read more at Reuters Africa
U.S. light, sweet crude for May delivery was trading down 11 cents at $62.80 a barrel by 0408 GMT, while Brent crude shed 8 cents to $64.33.
Read more at Reuters Africa
Dollar pressured as US new-home sales disappoint
(Reuters) - The dollar stayed near overnight lows against most major currencies on Tuesday after U.S. sales of new homes in February dropped to the lowest rate since June 2000, resurrecting expectations of a Federal Reserve interest rate cut.
The report offset stronger-than-expected existing home sales data last Friday and reignited concerns that the slowing U.S. housing market has yet to stabilise.
Read more at Reuters Africa
The report offset stronger-than-expected existing home sales data last Friday and reignited concerns that the slowing U.S. housing market has yet to stabilise.
Read more at Reuters Africa
Denison sweetens buyout bid for OmegaCorp
(Reuters) - Mid-tier Canadian uranium miner Denison Mines Corp. sweetened its buyout offer on Monday for the shares it doesn't already own in Australia's OmegaCorp Ltd. and said this was its "final offer".
The all-cash bid, which has already been approved by Omega's board, has been raised to A$1.15 per share from A$1.10. Denison currently holds about 31.5 percent of OmegaCorp's outstanding shares.
Read more at Reuters Africa
The all-cash bid, which has already been approved by Omega's board, has been raised to A$1.15 per share from A$1.10. Denison currently holds about 31.5 percent of OmegaCorp's outstanding shares.
Read more at Reuters Africa
Barloworld says to spin off PPC seen by end-June
(Reuters) - South African diversified industrial and logistics group Barloworld expects to conclude its planned spin off of cement maker PPC by the end of June this year, it said on Tuesday.
Barloworld said on December 18 it intended to offload its majority stake in PPC, and has returned 1 billion rand in a special dividend to shareholders as part of the deal. The unbundling deal is subject to regulatory approvals.
Read more at Reuters Africa
Barloworld said on December 18 it intended to offload its majority stake in PPC, and has returned 1 billion rand in a special dividend to shareholders as part of the deal. The unbundling deal is subject to regulatory approvals.
Read more at Reuters Africa
Asian Stocks Drop, Led by Japan on Dividend Rights; Sony Falls
Asian stocks fell for the first time in four days, led by Japan's NTT DoCoMo Inc. as the majority of the country's shares traded without a dividend entitlement today.
Sony Corp. and Samsung Electronics Co. paced exporters lower after new-home sales in the U.S. unexpectedly decreased, adding to concern growth in the world's biggest economy is slowing
Read more at Bloomberg.com
Sony Corp. and Samsung Electronics Co. paced exporters lower after new-home sales in the U.S. unexpectedly decreased, adding to concern growth in the world's biggest economy is slowing
Read more at Bloomberg.com
Air Berlin, Endesa, SBM, Swiss Life: European Equity Preview
The following stocks may rise or fall in European markets.
Prices are from the last close.
The Dow Jones Stoxx 600 fell 0.8 percent to 372.85. The Dow Jones Stoxx 50 Index declined 1.1 percent to 3701.81. The Euro Stoxx 50 Index, a benchmark for the 12 nations using the euro, dropped 1.2 percent to 4142.11.
Air Berlin Plc (AB1 GY): Europe's third-biggest discount airline plans to release final 2006 earnings. The company last month reported 2006 operating profit, or earnings before interest and tax, of 64.1 million euros, missing the 71.9 million euro average analyst estimate compiled by Bloomberg. The shares dropped 15 cents, or 0.9 percent, to 16.20 euros.
Read more at Bloomberg.com
Prices are from the last close.
The Dow Jones Stoxx 600 fell 0.8 percent to 372.85. The Dow Jones Stoxx 50 Index declined 1.1 percent to 3701.81. The Euro Stoxx 50 Index, a benchmark for the 12 nations using the euro, dropped 1.2 percent to 4142.11.
Air Berlin Plc (AB1 GY): Europe's third-biggest discount airline plans to release final 2006 earnings. The company last month reported 2006 operating profit, or earnings before interest and tax, of 64.1 million euros, missing the 71.9 million euro average analyst estimate compiled by Bloomberg. The shares dropped 15 cents, or 0.9 percent, to 16.20 euros.
Read more at Bloomberg.com
Dow Average Falls for 1st Time in 6 Days as Citigroup Declines
The Dow Jones Industrial Average fell for the first time in six days, led by financial and industrial companies, after an unexpected decline in new-home sales heightened concern that economic growth will slow.
Citigroup Inc. pulled banks lower, while Honeywell International Inc. paced losses among industrial shares on concern the deteriorating housing market will reduce demand for loans and construction equipment. A jump in oil prices spurred gains in energy shares, lifting the Standard & Poor's 500 Index to its fifth advance in six days. Dell Inc. helped boost the Nasdaq Composite Index.
The fewest new home sales in seven years dimmed prospects for a quick rebound in real estate. The Commerce Department's report curtailed a rally that lifted stocks to their biggest weekly advance in four years.
Read more at Bloomberg.com
Citigroup Inc. pulled banks lower, while Honeywell International Inc. paced losses among industrial shares on concern the deteriorating housing market will reduce demand for loans and construction equipment. A jump in oil prices spurred gains in energy shares, lifting the Standard & Poor's 500 Index to its fifth advance in six days. Dell Inc. helped boost the Nasdaq Composite Index.
The fewest new home sales in seven years dimmed prospects for a quick rebound in real estate. The Commerce Department's report curtailed a rally that lifted stocks to their biggest weekly advance in four years.
Read more at Bloomberg.com
US homes data erases fresh peak on S.Africa bourse
(Reuters) - South African shares closed weaker on Monday after weaker than expected U.S. home sales data renewed fears about growth in the world's biggest economy, upsetting a record rally on the local bourse.
Before the release of the bearish U.S. data, the JSE All Share index raced to a fresh all-time peak of 27,152.7 points. The All-share index closed 0.58 percent weaker at 26,756.29 points.
Read more at Reuters Africa
Before the release of the bearish U.S. data, the JSE All Share index raced to a fresh all-time peak of 27,152.7 points. The All-share index closed 0.58 percent weaker at 26,756.29 points.
Read more at Reuters Africa
Miner Gold Fields buys remainder of Western Areas
(Reuters) - South African gold miner Gold Fields on Monday said it would compulsorily acquire the remaining Western Areas shares that it does not already own.
Gold Fields, which owns 95.6 percent of Western Areas, said Western Areas shares listed on the JSE would be terminated on March 30.
Read more at Reuters Africa
Gold Fields, which owns 95.6 percent of Western Areas, said Western Areas shares listed on the JSE would be terminated on March 30.
Read more at Reuters Africa
Rand softer on US economic backlash
(Reuters) - The South African rand weakened slightly against the dollar on Monday despite the greenback losing ground overseas after the release of unexpectedly worse U.S. data.
The rand was at 7.2350 against the dollar at 1515 GMT, having weakened to 7.2475 earlier from 7.21/dollar at Friday's close in New York.
Read more at Reuters Africa
The rand was at 7.2350 against the dollar at 1515 GMT, having weakened to 7.2475 earlier from 7.21/dollar at Friday's close in New York.
Read more at Reuters Africa
Miner says struck gold in Ethiopia
(Reuters) - A mining company said on Monday it had found an estimated 10,000 tonnes of gold in southern Ethiopia that could be worth more than $1 billion.
Privately-owned National Mining Corporation (NMC) said the discovery was made at Dawa Dagiti in southern Oromia region.
Read more at Reuters Africa
Privately-owned National Mining Corporation (NMC) said the discovery was made at Dawa Dagiti in southern Oromia region.
Read more at Reuters Africa
Shell resumes oil output after Nigerian spill
(Reuters) - Royal Dutch Shell has resumed pumping crude oil through a 187,000 barrel per day pipeline that was closed on March 4 due to a spill, a spokesman said.
Repairs to the pipeline that feeds the Bonny export terminal were completed last Thursday and output from the flow stations feeding the trunk line is climbing steadily.
Read more at Reuters Africa
Repairs to the pipeline that feeds the Bonny export terminal were completed last Thursday and output from the flow stations feeding the trunk line is climbing steadily.
Read more at Reuters Africa
Wall St flat before home sales
(Reuters) - U.S. stocks were nearly flat on Monday before data that could give clues on whether the housing market is stabilizing or slowing further.
A jump in oil prices above $63 a barrel boosted energy shares like Exxon Mobil Corp. but kept a lid on the broad market. Exxon was up 0.8 percent at $75.56.
Read more at Reuters Africa
A jump in oil prices above $63 a barrel boosted energy shares like Exxon Mobil Corp. but kept a lid on the broad market. Exxon was up 0.8 percent at $75.56.
Read more at Reuters Africa
Dollar falls after lower-than-expected new home sales
(Reuters) - The dollar fell on Monday after data showed U.S. new home sales for February dropped to its lowest rate since June 2000.
New single-family home sales fell to an annual rate of 848,000 units from a downwardly revised rate of 882,000 in January, the Commerce Department said. Analysts polled by Reuters were expecting February sales to rise to 985,000 from the previously reported rate of 937,000 units in January.
Read more at Reuters Africa
New single-family home sales fell to an annual rate of 848,000 units from a downwardly revised rate of 882,000 in January, the Commerce Department said. Analysts polled by Reuters were expecting February sales to rise to 985,000 from the previously reported rate of 937,000 units in January.
Read more at Reuters Africa
Consol cuts yield on buyout bond - source
(Reuters) - South Africa's Consol Glass has cut the yield on offer on the 4 billion rand equivalent euro-denominated bond it is selling to finance its buyout by Brait Private Equity due to strong demand, a banking source said on Monday.
The seven-year senior secured notes are now set to yield 7.625 to 7.75 percent, less than earlier guidance of 7.75 to 8 percent, the source said.
Read more at Reuters Africa
The seven-year senior secured notes are now set to yield 7.625 to 7.75 percent, less than earlier guidance of 7.75 to 8 percent, the source said.
Read more at Reuters Africa
Dollar extends gains after good US housing data
(Reuters) - The dollar extended gains against the euro on Monday following data last week showing a surprise jump in U.S. existing home sales that cooled expectations for the Federal Reserve to trim interest rates in the next few months.
The 3.9 percent rise in sales of existing U.S. homes in February, the largest in three years, eased some of the worries that a weak property market was taking a heavy toll on the broader economy and would spur the Fed into action.
Read more at Reuters Africa
The 3.9 percent rise in sales of existing U.S. homes in February, the largest in three years, eased some of the worries that a weak property market was taking a heavy toll on the broader economy and would spur the Fed into action.
Read more at Reuters Africa
Kenya shilling barely moved vs dollar
(Reuters) - The Kenya shilling was little changed against the dollar in quiet trade on Monday, dealers said.
At 0835 GMT, commercial banks traded the unit at 68.75/85 to the dollar, compared with Friday's closing price of 68.80/90.
Read more at Reuters Africa
At 0835 GMT, commercial banks traded the unit at 68.75/85 to the dollar, compared with Friday's closing price of 68.80/90.
Read more at Reuters Africa
Higher crude oil, Iran tensions lift gold prices
(Reuters) - Gold rebounded on safe-haven buying on Monday, with oil prices rising on heightened tensions between Iran and the West after Tehran vowed to continue its nuclear programme.
But investors remained cautious in chasing prices higher because of recent sell-offs and ahead of the book-closing at the end of the current fiscal year in March.
Read more at Reuters Africa
But investors remained cautious in chasing prices higher because of recent sell-offs and ahead of the book-closing at the end of the current fiscal year in March.
Read more at Reuters Africa
Malawi sees low tobacco production, better prices
(Reuters) - Malawi's tobacco production this year is expected to drop to 141,000 tonnes from 158,000 tonnes last year because of too much rain, the Tobacco Control Commission (TCC) said on Monday.
"We expect a drop of 10.14 percent this year because of heavy rains experienced in most tobacco growing areas," TCC said in a statement.
Read more at Reuters Africa
"We expect a drop of 10.14 percent this year because of heavy rains experienced in most tobacco growing areas," TCC said in a statement.
Read more at Reuters Africa
S.Africa maize stocks dip to 2.846 mln T at end Feb
(Reuters) - South Africa's maize carryover stocks dipped to 2.846 million tonnes at the end of February from 3.427 million tonnes the previous month, data showed on Tuesday.
That included 475,000 tonnes of yellow maize and 2.371 million tonnes of white maize, the South African Grain Information Service said in its monthly bulletin.
Read more at Reuters Africa
That included 475,000 tonnes of yellow maize and 2.371 million tonnes of white maize, the South African Grain Information Service said in its monthly bulletin.
Read more at Reuters Africa
S.Africa's Mittal to unveil $83 mln kilns investment
(Reuters) - South Africa's Mittal Steel, a unit of the world's top steel group, said on Monday it would announce a 600 million rand kilns project at its main Vanderbijlpark plant on Thursday.
Mittal SA, which is 52 percent owned by Arcelor Mittal, has already said it plans to spend 9 billion rand in a capital expenditure programme over a number of years, and the 600 million was part of that amount.
Read more at Reuters Africa
Mittal SA, which is 52 percent owned by Arcelor Mittal, has already said it plans to spend 9 billion rand in a capital expenditure programme over a number of years, and the 600 million was part of that amount.
Read more at Reuters Africa
Mauritius sees 2006 jobless rate dipping to 9.1 pct
(Reuters) - The Mauritius unemployment rate is expected to have dropped to 9.1 percent in 2006 from 9.6 percent the year before, the Central Statistics Office (CSO) said on Monday.
"Unemployment rate for the year 2006 is estimated at 9.1 percent against 9.6 percent in 2005," it said in a statement on its Web site, quoting data collected between October and December 2006.
Read more at Reuters Africa
"Unemployment rate for the year 2006 is estimated at 9.1 percent against 9.6 percent in 2005," it said in a statement on its Web site, quoting data collected between October and December 2006.
Read more at Reuters Africa
Algeria's Skikda oil port open as weather improves
(Reuters) - Algerian oil ports Skikda and Bejaia have reopened after bad weather forced them to close for most of last week, shipping agents said on Monday.
Last week the two ports, both in eastern Algeria, as well as the western Algerian ports of Arzew and Bethouia, were forced to close due to heavy swell and strong winds.
Read more at Reuters Africa
Last week the two ports, both in eastern Algeria, as well as the western Algerian ports of Arzew and Bethouia, were forced to close due to heavy swell and strong winds.
Read more at Reuters Africa
Thursday, March 22, 2007
Preparing For A Career As A Broker Or Trader
Are you having trouble deciding between a career as a stockbroker or a trader? Each career involves trading securities, but the nature of each varies greatly and these variations could make all the difference when it comes to determining which career will suit you best.
In this article, we'll take a look at these differences as well as the preparation required to pursue either career.
Read full article at investopedia.com
In this article, we'll take a look at these differences as well as the preparation required to pursue either career.
Read full article at investopedia.com
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